Reliance Broadcast Network to acquire Imagine ShowbizJanuary 12th, 2011 - 9:18 pm ICT by IANS
Mumbai, Jan 12 (IANS) Reliance Broadcast Network Limited (RBNL), part of the Anil Dhirubhai Ambani Group (ADAG), Wednesday said it was going to acquire music channel Imagine Showbiz Ltd. to expand its reach in the media business.”This proposed acquisition is in line with the overall strategy to create ownership of multi-media consumer touch-points,” RBNL chief executive Tarun Katial said.
According to Katial, the proposed acquisition will include 100 percent purchase of Imagine Showbiz’s shareholding, thus giving RBNL complete control of intellectual property rights of media content and high-end technical expertise with wide distribution network.
“It (acquisition) will further strengthen our television portfolio from the English space into Hindi entertainment space,” Katial said.
The company said that the decision for the proposed acquisition was based on the opportunity of various synergies between the two companies across various verticals like radio, entertainment content.
Imagine Showbiz is a 24-hour Bollywood music channel which provides its viewers with a wide variety of songs from its vast music library.
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