Viacom CEO Bob Bakish bullish on $500 mn India business
MUMBAI: Viacom president and CEO Bob Bakish has noted that the international business has an important role to play in the company’s growth and has specifically lauded the India business, which he said is doing more than $500 million in revenue.
“Our international business has a very strong momentum having grown earnings strong double-digits in 2017. This is a business that has substantial growth ahead of it and one that includes 50% of an unconsolidated India business that is now doing more than $0.5 billion in revenue,” Bakish told analysts in the US.
In India, Viacom runs an equal joint venture (JV) partnership with TV18 called Viacom18. The JV, which incidentally is celebrating 10 years of existence, is one of the key players in the Indian media sector with interests in broadcasting, movie production, and digital.
Viacom18 has five lines of businesses including, broadcasting, digital, merchandise, live events, and movie production. It runs 44 channels across genres in eight different languages. It has also entered over the top (OTT) segment with Voot.
In FY17, Viacom18 had posted a consolidated net profit of Rs 30.62 crore on revenue of Rs 3036.4 crore. In the previous fiscal, the net profit stood at Rs 141.54 crore while the revenue was Rs 2818.8 crore.