ViacomCBS Inc, a US-based media conglomerate, is likely to sell a significant stake in its joint venture with Reliance Industries’ media and entertainment arm to Uday Shankar, the former Chairman of Star India and President of Walt Disney Company Asia Pacific, and James Murdoch, the son of media baron Rupert Murdoch, according to media reports.
ViacomCBS will possess only a tenth of the joint venture, with TV18 holding the majority of the shares (51%). According to sources, the remaining 39 percent would be sold to Lupa Systems, a private investment business headed by Shankar and Murdoch.
According to media sources, James Murdoch and Uday Shankar, the former chairman of Star & Disney India, want to invest over Rs 12,000 crore in the entertainment and sports broadcasting industries alongside Reliance Industries. Murdoch and Shankar intend to purchase a nearly 40% stake in Viacom18.
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