"TV18 shall raise its stake to 51 per cent by acquiring 1 per cent of Viacom18's equity from Viacom Inc. for a cash consideration of $20 million," Viacom18 said in release.
It added: "The brands and content licence agreement between Viacom Inc. and Viacom18 also gets extended by 10 years".
"The transaction further enables our vision for Viacom18 to accentuate its focus on excellence and integration in the broadcast and digital space," said Adil Zainulbhai, Chairman - Network18.
"This development will allow us to leverage deeper synergies with Jio as we enter our next growth phase," Sudhanshu Vats, Group CEO, Viacom18 said.
At present, Viacom18 has 44 television channels across 80 countries in six different languages.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
