Relativity Media, a media company, and B4U, a Bollywood film and television network, have formed a joint venture that would leverage their combined expertise, relationships and resources to create and distribute highly engaging long and short form entertainment and sports content in India. The aim is to span a variety of mediums including film, television and digital.

Major shareholders of B4U television network include Lakshmi Mittal, Kishore Lulla, and Gokul Binani.

Though terms of the transaction were not disclosed, the joint venture would have an investment of approximately $100 million available for projects. The joint venture is to be managed by B4U Chief Executive Officer Ishan Saksena and would be overseen by a board of directors, to which both companies would appoint two directors.

Capitalising on the significant growth potential of the Indian film and television markets, which are expected to reach revenues of Rs 19,330 crore ($3.5 billion) and Rs 84,800 crore ($15.3 billion) by 2017, respectively, the joint venture aims to provide a platform for both Relativity and B4U to co-invest and distribute local Bollywood films and television productions.

The joint venture would also distribute and market Relativity’s films, beginning with the romantic drama `The Best of Me', in India, Pakistan, Sri Lanka, Bangladesh, Nepal and Bhutan.

``The strategic partnership represents an exciting opportunity for Relativity to significantly expand its presence in the vibrant and growing marketplace (of India), while creating a bridge for developing and sharing content between Hollywood and Bollywood,'' said Ryan Kavanaugh, CEO of Relativity, in a statement.

``By 2020, India is set to become the world’s youngest country, and its citizens are adopting new technology platforms, from smartphones to smart TVs, at a dramatic rate,'' he added.

Ishan Saksena, CEO of B4U said: ``B4U has been at the helm for delivering Bollywood content in India and internationally. The joint venture with Relativity is a natural step in our progression to build a creative film studio and an unique technology platform.''

He added that the venture would bring the best of Relativity’s intellectual property, production skills, and unique monetising strategies to India, while also providing Indian talent access to global audiences.  

The newly formed entity would distribute future Relativity films and other select entertainment content in India and the surrounding regions. The company would co-finance, co-produce and distribute Indian language films and television shows, as well as acquire projects in the US and Indian markets.

The JV would also create and launch a new pay television channel in India focused on Hollywood content in both English and Hindi, and launch `RelaTV',  a digital streaming technology platform to deliver content to Indian consumers.

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