ADAG-owned Reliance Broadcast Network (RBNL) is set to acquire Imagine Showbiz from Cinestar Advertising. With this acquisition, RBNL forays into the Rs 110-crore Hindi music and entertainment space that at present hosts channels including Zoom, ETC, 9X Music, MTV and Channel V. Sources indicate that Rs 15-20 crore has been shelled out for 100% shareholding in Imagine Showbiz, along with other assets including intellectual property rights, music library, distribution network, studios and technical equipment. Currently, RBNL’s bouquet of channels include Big CBS Prime, an English GEC and yet to be launched Big CBS Spark and Big CBS Love.
RBNL CEO Tarun Katial said, ?This proposed acquisition is in line with the overall strategy to create ownership of multimedia consumer touch points. It will further strengthen our television portfolio. This business deal seems a natural choice, given the seamless business fit, spanning across our verticals of radio, intellectual properties and digital along with the Group synergies.?
Katial adds, ?In line with RBNL’s channel names, Imagine Showbiz will be rechristened and the signature ‘BIG’ will be added to it. But we are yet to finalise a name for the channel.?