March 2010
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ADAG in Rs 500 Cr TV deal with US firm


New Delhi: Decks have been cleared for Reliance ADA Group’s Rs 500-crore big ticket entry into the broadcasting space. The Reliance ADA group has signed a preliminary, non-binding term sheet with the US-based television firm CBS Studios International for the television foray.


Under the proposed agreement, Reliance Broadcast Network (RBN) and CBS will own and operate a bouquet of English, Hindi and regional channels. The proposed joint venture will see a combined investment of $100 million (around Rs 500 crore) over next five years.


RBN and CBS are expected to sign the joint venture agreement within a month. The two companies will have 50:50 partnerships in the proposed joint venture company.


“It will be an Indian company and will have programming rights of CBS across India, Nepal, Bhutan, Sri Lanka, Bangladesh, the Maldives and Pakistan for now, and which could see further geographical spread on mutual consent,” RBN executive said.


Reliance Big Broadcasting already holds valid licence to operate around 17 non-news television channels under the brand name 'Big' while it is awaiting clearance of 32 news channels from the information and broadcasting ministry.


It is not clear whether the news business of Reliance ADA group will also come under the proposed joint venture with CBS. However, the broadcasting business of Reliance ADA group will be handled by RBN formerly known as Reliance Media World, the Anil Ambani’s radio, and outdoor arm.


Reliance Media World changed its name to Reliance Broadcast Network last week. The proposed joint venture will initially include English general entertainment channels. Subsequently, both parties will explore owning and operating Hindi and regional general entertainment channels in the future, a company executive said.


According to sources, RBN will be responsible for the marketing, advertising and sales of the proposed joint venture while a large chunk of content will be provided by CBS.


Exporters seek fixed rate to face European crisis


New Delhi: Caught off guard by recent appreciation of the rupee, particularly against the euro, the majority of the exporting firms surveyed by FICCI want the Reserve Bank to peg a fixed currency exchange rate.


They took a cue from China, which has pegged a fixed rate of yuan against the US dollar. “At least for exporters, the central bank should give a facility like that in China of a fixed exchange rate. This would enable them to focus on managing their business and save them from the trouble of managing currency movements,”...

 

 
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