The channel has been bought at an estimated price cap of Rs 15 crores to Rs 20 crores. Imagine Showbiz is a joint venture between Cinestar Advertising and Turner General Entertainment Networks India.
Imagine Showbiz was launched about two years ago but since it didn’t do well, it was shut down last year. Turner is now left with just one property, Imagine TV, acquired from NDTV Imagine last year.
The proposed acquisition will include 100 per cent purchase of Imagine Showbiz’s shareholding, giving RBN complete control of intellectual property rights of media content and technical expertise with wide distribution network.
The decision for the proposed acquisition was based on the opportunity of various synergies between the two companies across various verticals like radio, entertainment content.