Media conglomerate TV18 Group entered into an agreement with US major Viacom on Tuesday to float a general entertainment joint venture in India.

The joint venture, named Viacom-18, will have presence in television, film and digital media content across numerous brands to build India's leading multi-platform company, TV18 said in a statement.

As part of the agreement, Viacom-18 will launch a Hindi general entertainment cable and satellite channel in India within one year, it said, adding it would also syndicate MTV Networks programming and newly produced content.

"The entertainment space offers significant opportunities and this partnership gives us the scale to compete and the edge to achieve leadership position," TV18 Group CEO Harish Chawla said. While the company did not disclose the planned investment in Viacom-18, industry sources said the two partners may pump in about Rs 500 crore (Rs 5 billion) initially. The JV will also launch a suite of targeted channels in future from MTVN's portfolio, as well as new brands, it added.

Commenting on the partnership, Viacom CEO and President Phillipe P Dauman said India was one of its "priority markets for expansion internationally".

As per the agreement, TV18 Group would contribute its motion pictures division operation to the joint venture, which produces, acquires and distributes Hindi films.

"Additional cooperation in the Indian market beyond this alliance includes joint ownership of the management company for the Indian Film Company, which is in the process of being listed on the Alternative Investment Market of the London Stock Exchange," it added. (PTI)

(Left to Right) Amit Jain, managing director, MTV Networks India; Raghav Bahl, managing director, TV18 Group; Philippe Dauman, president & CEO, Viacom; Bill Roedy, vice chairman, MTV Networks; and Haresh Chawla, Group CEO, TV18.