Viacom Takes Stake in Italy’s Rainbow

NEW YORK: Viacom has picked up a minority interest in the Italian kids’ entertainment firm Rainbow—led by Iginio Straffi—following Nickelodeon’s partnership with the company on Winx Club.

Last year, Nickelodeon has picked up the TV rights for Winx Club for the U.S., along with the pay-TV rights for Latin America, Canada, the U.K., Australia, New Zealand and Benelux. The deal covered the existing Winx Club series and two theatrical films, as well as the co-development and co-production of seasons five and six of the show, which begin rolling out in 2012.

Financial terms of the investment were not disclosed.