U.S. media conglomerate Viacom’s music broadcasting unit MTV Networks said on Tuesday it has agreed to buy all the shares it does not already own in MTV Japan from private equity firm H&Q Asia Pacific.
The acquisition is MTV’s second biggest outside the United States, after its purchase of German broadcasting channel Viva for 308 million euros ($395 million) in 2004, a source close to the deal said.
He said MTV Japan was buying 68 percent of the company to boost its ownership to 100 percent.
Spokesmen for both sides of the transaction declined to comment on the exact value of the deal.
Upon completion, MTV Networks will add the children’s television programme service Nickelodeon and the digital media brand Flux to its MTV Japan business line-up.