Viacom CEO and President Phillipe Dauman in expected to arrive in India tonight, and as newswire PTI (via BS), is likely to ink a deal tomorrow for a 50:50, Rs. 500 crore (around $121 million) joint venture with TV18. Apparently, MTV will be transferred to the JV, though the report doesn’t talk about what will become of other channels in the MTV India stable: VH1 and Nickleodeon. The JV will, however, focus on general entertainment channels.
Earlier, the Hindustan Times had reported that the two companies were in talks for a tie-up, and TV18 was in the process of raising $1 billion to finance the deal.

Disclaimer: I own an inconsequential number of shares of some TV18 group companies