Viacom (NYSE: VIA) has formalized its joint venture with Network 18 - Viacom 18 Media Pvt Ltd. The 50:50 joint venture will receive around $90.5 million in investment from Network18 over the next three years, reports Reuters. The Hindu adds that the investments will be via Network18 group company Global Broadcasting News ($40 Million), and wholly owned subsidiary BK Holdings Mauritius ($50.5 million). GBN has acquired warrants convertible into equity shares of Viacom 18, and has the option to acquire the entire shareholding from BK Holding Mauritius.

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Viacom18’s mandate includes the launch of a Hindi general entertainment channel (GEC), management of Viacom’s MTV, VH1 and Nickelodeon India channels, apart from other TV content, films (Studio18) and digital media. Viacom18 would be managed by a six-member board with equal representation from both Viacom and Network18.

Disclaimer: I own an inconsequential number of shares of Network18