Reliance Broadcast up 3% on CBS JV

MUMBAI: Reliance Broadcast Network Ltd has completed its final negotiations with CBS Studios Inc, a division of CBS Corporation, and executed the joint venture agreement in connection with owning and /or, operating, marketing and promoting a portfolio of primary linear pre-programmed television channels in India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan.

The wholly owned subsidiary of the company and CBS Studios will have an equal 50 per cent participation in the JV which is a private limited company.

The JV will, initially see the creation of three new television channels. The channels will be English entertainment channels, customized for the Indian market offering audiences immediate access to new and current CBS programs including some of the most popular television programs in the world.

This news saw Reliance Broadcast Network's shares rise 3.09 per cent to Rs 80 on BSE. The stock has seen a high of Rs 81.10 versus a low of Rs 76.70, so far in trade.