Indian media group Reliance Media World is planning a JV with CBS Studios International to operate television channels in India.
The two companies have signed a preliminary agreement and are in negotiations for setting up the proposed venture, WSJ reported.
Reliance Media World is owned by Anil Ambani, the controlling shareholder in mobile operator and global capacity provider Reliance Communications.
The new venture will broadcast English language programming across south Asia, including India, Pakistan and Sri Lanka, with possible expansion into Hindi programming in the future.
CBS, whose TV portfolio includes CSI, NCIS and The Young and the Restless, follows other US media giants such as News Corp., Time Warner into the Indian market.
Quoting a recent report by KPMG and Indian industry group FICCI, India’s TV industry is likely to grow at a rate of 1%.5% over the next four years to be worth $11 billion by 2014, the Journal said.
Reliance Big Entertainment, also controlled by the Anil Dhirubhai Ambani Group (ADAG), last year took a 50% stake in Steve Speilberg’s Dreamworks Studios.