Mumbai: Mukesh Ambani's TV18 Broadcast is acquiring majority control of its joint venture with Viacom Inc.

TV18, a Reliance Industries arm, will buy one per cent in Viacom18 Media Pvt Ltd for $20 million that will increase its stake to 51 per cent and gives Ambani the leverage to offer a wider range of content to more than 160 million subscribers of Jio.

The transaction values Viacom18 at $ 2 billion.

At present, TV18 and Viacom Inc are equal partners in the media and entertainment joint venture that has a portfolio of 44 channels. It is present in the digital and cinema space through Voot and Viacom18, Motion Pictures, respectively.

Viacom18 Media Pvt Ltd was a joint venture formed in 2007 between Viacom Inc and Network18 Group which was then owned by Raghav Bahl inked. In 2014, RIL acquired the Network18 group for up to Rs 4,000 crore.

A statement from TV18 Broadcast said it will take control of Viacom18.

The brands and the content licence agreement between Viacom Inc and Viacom18 have been extended by 10 years.

"The partners believe that in the fast-evolving media & entertainment landscape in India, TV18 can drive value-addition and synergies across the multi-platform group comprising broadcast, digital, filmed and experiential entertainment and media businesses,'' it added.

TV18 Broadcast recently reported consolidated revenues of Rs 770 crore in the third quarter ended December 31, 2017 which marked a growth of 10 per cent over the same period last year.

The company then disclosed that its joint ventures (largely Viacom18) showed an 11 per cent revenue growth, despite lower movie revenues and a selective approach in high-impact advertising spends.

Viacom18 posted total revenues of Rs 3,041 crore in 2016- 17.

Though the announcement came after the market hours, the TV18 stock ended with gains of 5.10 per cent or Rs 3 at Rs 61.85 on the BSE earlier on Wednesday.