Entertainment community Viacom18 Media Pvt Ltd. has introduced that following the sanction by NCLT Mumbai, the scheme of merger of Reliance Storage Ltd. with itself has turn into efficient and Viacom18 has allotted shares to Bodhi Tree Systems and RIL group entities as consideration for the scheme of merger.
Upon consummation of this merger, the combination of JioCinema into Viacom18 has been accomplished; and Viacom18 has entry to ₹15,145 crore of money for its deliberate progress, comprising ₹10,839 crore contributed by RIL group entities and ₹4,306 crore contributed by Bodhi Tree Systems, Viacom18 stated in an announcement.
Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, is an investor in Bodhi Tree Systems.
As a consequence of the closing of the transactions, the shareholding of Viacom18 on totally diluted foundation might be: RIL group entities – 60.37%; TV18 – 13.54%; Bodhi Tree – 13.08%; Paramount Global – 13.01%.
“The partnership will enable Viacom 18 to innovate and disrupt the M&E sector, with Uday Shankar and James Murdoch providing strategic and operational guidance to Viacom 18, leveraging their track-record of building iconic media businesses,” Viacom18 stated within the assertion.
Uday Shankar, the previous chairman of Star India and The Walt Disney Company India has been appointed to the Board of Viacom18. Paramount Global will proceed as a shareholder and provide Viacom18 its premium world content material.
