Reliance Industries announced on Thursday that Paramount Global has agreed to sell its 13% stake in its Indian TV business to Reliance for Rs 4,286 crore. According to Reliance’s stock exchange filing, the agreement involves the acquisition of a 13.01% equity stake of Viacom 18 Media Private Limited, held by Paramount Global’s subsidiaries.
Paramount Global, in a filing with the US Securities and Exchange Commission (SEC), stated that the transaction’s completion is contingent upon meeting customary conditions, including regulatory approvals and the finalization of a joint venture involving Reliance, Viacom18, and Star Disney. Post-transaction, Paramount will continue licensing its content to Viacom18, the filing added.
Reliance Industries further detailed that Viacom18 is a material subsidiary of TV18 Broadcast Ltd., holding convertible preference shares representing 57.48% equity stake. After the deal’s conclusion, Reliance’s equity stake in Viacom18 will rise to 70.49% on a fully diluted basis. The agreement comes amidst Reliance’s ongoing media expansion, which includes mergers with Walt Disney Co and investments to bolster its presence in the digital streaming space.
Post Your Comments