Mumbai, Aug 19: Anil Ambani's Reliance Broadcast Network (RBN) said it has completed its final negotiations with US' CBS Studios, to form a JV to own and operate TV channels in the country.

Reliance Broadcast Network, previously known as Reliance Media World, will form a 50:50 joint venture with CBS Studios, a division of CBS Corp, the company said in a filing to the Bombay Stock Exchange.

The JV will own and /or, operate, market and promote a portfolio of television channels in India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan.

With RBN"s multimedia presence and integrated sales offerings, combined with the content muscle of CBS, BIG CBS stands to bite into a sizeable slice of India"s burgeoning TV industry.

"The JV will, at start, see the creation of 3 new English entertainment channels, customised for the Indian market offering audiences immediate access to new and current CBS programs," it said.

The joint venture will also explore Hindi and regional language general entertainment channels in the next phase.

RBN operates India"s largest radio network (92.7 Big FM) and is into outdoor, promotions and events.

OneIndia News