Reliance Broadcast Network is set to acquire Imagine Showbiz (ISL) through a buy out from Cinestar Advertising. ISL is a 24-hour music channel part of Turner General Entertainment Networks India.
"The proposed acquisition will include a 100-per cent purchase of ISL's shareholding along with other assets including intellectual property rights, Bollywood content, studios and distribution network,'' Reliance Broadcast Network said in a statement.
The company says the acquisition fits well with its overall business strategy, leveraging synergies with its radio arm – 92.7 Big FM, intellectual property arm – Big Live and integrated sales arm - BIG Connect.
''This business deal seems a natural choice, given the seamless business fir, spanning across our verticals of radio, intellectual properties and digital along with Group synergies,'' said Tarun Katial, chief executive officer, Reliance Broadcast Network.
The acquisition will be done through its wholly-owned subsidiary Reliance Television Pvt Ltd.
''This proposed acquisition is in line with the overall strategy to create ownership of multi-media consumer touch-points. It will further strengthen our television portfolio, from the English space into the Hindi entertainment space,'' Katial added.
Reliance Broadcast Network is a part of the Anil Ambani-led Reliance Group, which operates in spaces of radio, experimental marketing, out of home and digital among others.
The company recently forayed into the television space through a joint venture with US- based television broadcaster CBS Studios International.