MTV Networks said Tuesday (Aug. 29) that it is acquiring San Francisco-based private equity firm H&Q Asia Pacific's 68.1% equity stake in their MTV Japan joint venture. Following the transaction,

MTV Networks said Tuesday (Aug. 29) that it is acquiring San Francisco-based private equity firm H&Q Asia Pacific's 68.1% equity stake in their MTV Japan joint venture. Following the transaction, MTVN will take 100% ownership of the Tokyo-based music channel.

The deal will take effect within the next 60 days. Financial details were not disclosed.

Upon completion of the deal, MTVN says it will combine MTV Japan with Nickelodeon and digital media brand Flux into "one cohesive business where the assets of each brand can be optimized across the entire operation."

"Japan is a huge and important market with a very advanced digital infrastructure," said Tom Freston, president and CEO MTVN parent company Viacom in a statement. "By taking sole ownership of MTV Japan we can now seamlessly operate all of our companies there on a multi-platform basis, putting us on a path to significantly grow our Japanese business."

"This deal puts Japan at the forefront of our Asian businesses, and advances our strategy to expand our scale in one of Asia's high growth digital media markets," added MTV Networks International president Bill Roedy in a statement.

"By bringing together MTV, Nickelodeon and Flux in one portfolio, we will fast-track our commitment to building our position in Japan across all of our businesses, including TV, mobile, broadband and consumer products."

MTV Japan will continue to be headed president/CEO Yu Sasamoto, who reports to executive VP and managing director of Viacom International Japan Peter Bullard, who in turn reports to Roedy.

H&Q Asia Pacific acquired Japan's leading music channel, Vibe, from Pioneer in 2000 and subsequently created a new joint venture partnership with MTVN, which became MTV Japan in 2001.