MUMBAI: In a move that will leverage deeper synergies for Reliance Jio, Mukesh Ambani-owned TV18 Broadcast has decided to increase its shareholding in the equal joint venture Viacom18 Media.TV18, which currently holds 50% in the JV with US conglomerate Viacom Inc, will buy additional 1% for a cash consideration of $20 million, valuing Viacom18 Media at $2 billion.TV18, then owned by Raghav bahl, had entered in to a joint venture with Viacom in 2007. Latter’s 3 channels – MTV, Nickelodeon and Vh1 – were subsumed under the newly formed JV, which then launched its flagship Hindi general entertainment channel Colors in 2008. Today, Viacom18 operates 44 TV channels across 80 countries in 6 different languages. It has also diversified into 5 lines of business – broadcast, digital, films, merchandise and live events.Viacom18 had reported total revenues of Rs 3,040.7 crore in the financial year ended March 31, 2017.”Our growth journey has been exciting to say the least. None of this would have been possible without the support and commitment of both our partners,” said Sudhanshu Vats, Group CEO – Viacom18. “This development will allow us to leverage deeper synergies with Jio as we enter our next growth phase.”Further, the Viacom and Viacom18 have extended the brands and content licence agreement by 10 years.In a joint statement, the two partners said 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.Adil Zainulbhai, chairman, Network18, said, “The transaction further enables our vision for Viacom18 to accentuate its focus on excellence and integration in the broadcast and digital space.”Viacom will continue to hold 49% in Viacom18, sharing TV18’s vision for scalability and enhanced efficiency at Viacom18.David Lynn, CEO, Viacom International Media Networks, said, “Viacom 18 is one of the fastest growing companies in India’s dynamic media and technology sector and, as a result of this transaction, we believe it will be even better-positioned for accelerated growth through closer integration and alignment with the Network 18 Group and its affiliates, including India’s fastest growing mobile network, Jio.”Lynn added that Viacom remains strongly committed to joint venture and is retaining the “vast majority of ownership stake” in the company.