Reliance to acquire Paramount global's stake in Viacom18
Reliance Industries to acquire 13.01 percent stake of Paramount global in Viacom18 for Rs 4,286 crore.
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Mukesh Ambani-led Reliance Industries Ltd. signed a binding agreement on Thursday, March 14, with two subsidiaries of Paramount Global to acquire the latter's stake in Viacom18 Media Pvt. Ltd. for an aggregate consideration of Rs 4,286 crore, Reliance's exchange filing stated.
The stake in Viacom18 was held by Paramount Global through its two subsidiaries.
Paramount has informed through a US regulatory filing that it will continue licensing its content to Viacom18 even after the deal is finalized. Paramount already streams its content through Reliance’s JioCinema.
Viacom18 is a subsidiary of TV18 Broadcast, which holds preferential shares worth 57.48 percent in the company. Post the transaction, TV18 Broadcast’s stake in Viacom18 will increase to 70.49 percent. Viacom18 has 40 television channels, including Comedy Central, Nickelodeon and MTV.
Reliance Industries and The Walt Disney Company last month, had announced the merger of their India TV and streaming media assets, creating a Rs 70,000 crore entertainment behemoth. The JV is expected to be completed in the last quarter of the calendar year 2024 or the first quarter of 2025. Reliance Industries will own 16.34 percent in the combined entity, while Viacom18 will have a 46.82 percent stake.
