Reliance Media World Ltd., part of the Reliance ADA Group, said Friday it will sign a joint venture agreement with CBS Studios International, a unit of U.S. media company CBS Corp. (CBS), on Aug. 18.

Reliance Media World, which plans to change its name to Reliance Broadcast Network Ltd., in June said the two companies had signed a preliminary, non-binding term sheet and were working to set up a joint venture.

The proposed joint venture--in which Reliance Broadcast Network and CBS will own equal stakes--will initially broadcast English language general entertainment channels.

The joint venture will explore Hindi language and regional language general entertainment channels in the next phase, Reliance Media said.

-By Satish Sarangarajan, Dow Jones Newswires; +91 22 6145 6120; satish.sarangarajan@dowjones.com
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