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BIG SHOWBIZ BROADCAST (formerly known as Imagine Showbiz) referred to as BIG SHOWBIZ i.e. the proposed joint venture company between Reliance Broadcast Network (through its subsidiary) and RTL Group had applied for an approval from FIPB and FIPB at its meeting held on 06 July 2011 had approved the proposal of Foreign Direct Investment by RTL Group upto an extent of fifty percent of the post-issue share capital of BIG SHOWBIZ which is currently engaged in uplinking and downlinking of non-news and current affairs television channels.
The joint venture company proposes to launch two thematic television channels in India. The channels are scheduled to be launched by the end of this fiscal where both partners will invest in equal amounts.
The joint venture plans to leverage RTL Group`s production arm - Fremantle - to deliver cutting edge global entertainment formats - aimed at the international entertainment seeking, discerning Indian audience. With this launch, Reliance Broadcast Network will fortify its presence in the Television business with a repertoire of 6 television channels, while offering Indian audiences a vast canvass of international content from both CBS and RTL Group.
The company made this announcement after the trading hours on 21 July 2011.
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