Viacom Plans Venture With Shanghai Media
Viacom Inc., owner of the CBS, Nickelodeon and MTV television networks, plans to collaborate with Shanghai Media Group on producing children’s programs in China’s largest city -- the first such joint venture since China opened TV production to foreign investment.
Viacom Chief Executive Sumner Redstone said at a news conference in Beijing that his company would have a “huge stake” in the venture, though it’s limited by law to a minority share.
Executives at Shanghai Media Group confirmed the plans but said they couldn’t make a formal announcement until the government approved the venture.
Viacom also announced agreements on children’s programming with China’s state television network, China Central Television.
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