Last Updated: March 14, 2024, 08:46 IST
Mukesh D Ambani, Chairman and Managing Director of Reliance Industries Limited. (PTI/File)
The stake in Viacom18 was held by Paramount Global by way of its two subsidiaries.
India’s largest non-public firm Reliance Industries on March 14 knowledgeable inventory exchanges that it signed a binding settlement with two subsidiaries of Paramount Global to amass the latter’s total 13.01% stake in Viacom18 Media Pvt. Ltd. for an combination consideration of Rs 4,286 crore.
The stake in Viacom18 was held by Paramount Global by way of its two subsidiaries.
Paramount has knowledgeable by way of a US regulatory submitting that it’s going to proceed licensing its content material to Viacom18 even after the deal is finalized. Paramount already streams its content material by way of Reliance’s JioCinema.
Viacom18 is a subsidiary of TV18 Broadcast, which holds preferencial shares value 57.48% within the firm. Post the trascaction, TV18 Broadcast’s stake in Viacom18 will improve to 70.49%. Viacom18 has 40 tv channels, together with Comedy Central, Nickelodeon and MTV.
This transaction is topic to completion of Reliance’s beforehand introduced merger with Walt Disney for his or her India TV and streaming media property.
Disclaimer:Network18 and TV18 – the businesses that function news18.com – are managed by Independent Media Trust, of which Reliance Industries is the only beneficiary.
