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Viacom18 integrates Prism TV’s regional channels as merger gets completed
MUMBAI: Viacom18 has completed the merger with Prism TV which will see the latter’s regional channel brands and employees getting integrated with the network.
Prism TV owns and operates regional entertainment channels Colors Kannada, Colors Marathi, Colors Bangla, Colors Odia and Colors Gujarati.
“With this merger, not only the regional brands but also the Prism TV workforce will become part of Viacom18 and be assimilated seamlessly into its cultural ethos,” Viacom18 said in a statement.
Viacom18 is an entertainment joint venture between TV18 Broadcast and American entertainment company Viacom. Apart from Hindi GEC Colors and the above-mentioned regional channels, it also operates youth channels MTV and MTV Indies, English entertainment channels VH1, Comedy Central and Colors Infinity, and Hindi entertainment and movie channels Rishtey and Rishtey Cineplex.
In July 2015, Viacom had acquired a 50% interest in Prism TV from TV18 for Rs 940 crore (Rs 9.4 billion). After Viacom’s stake acquisition, the regional entertainment channels, which were operating under ETV brand, were rebranded as Colors.
Viacom18 Group CEO Sudhanshu Vats said that the merger is significant as the regional entertainment broadcast pie commands 30% viewership in the Indian broadcast space and as consumer preferences are moving towards segmented regional content.
“This merger allows us to create a single brand that can leverage the individual strengths of the regional channels and harness synergies in terms of content strategy and business processes, helping us amplify long-term value for Viacom18. I am particularly pleased that this process has been completed at an opportune time when we are gearing up to celebrate our 10th anniversary, in 2017, with a bigger and unified Team Viacom18,” Vats said.
The company recently launched its second Kannada GEC Colors Super to further strength its share in the Kannada market which it already dominates with Colors Kannada.