Last Updated: April 14, 2023, 08:12 IST
Viacom18 on Thursday introduced completion of strategic partnership with Reliance Storage Limited , Bodhi Tree Systems and Paramount Global (previously generally known as ViacomCBS).
Following the sanction by NCLT Mumbai, the scheme of merger of Reliance Storage Ltd with Viacom 18 has develop into efficient, and Viacom18 has allotted shares to Bodhi Tree Systems and RIL Group entities as consideration for the scheme of the merger, in accordance with an announcement.
Upon the completion of this merger, the mixing of JioCinema into Viacom18 stands accomplished and Viacom18 may have entry to Rs 15,145 crore of money for its deliberate development, comprising Rs 10,839 crore contributed by RIL Group entities and Rs 4,306 crore contributed by Bodhi Tree Systems, the assertion added.
With the completion of the deal, TV18 (owned by Mukesh Ambani) will maintain 50.994% fairness stake, whereas Bodhi Tree may have 0.011% stake within the firm. Paramount Global will maintain 48.994%.
RIL group entities will maintain on a 60.37%; TV18 – 13.54%; Bodhi Tree –13.08%; Paramount Global – 13.01% on a totally diluted foundation, the discharge stated.
“Upon consummation of this merger, the mixing of JioCinema into Viacom18 has been accomplished. Viacom18 has entry to Rs 15,145 crore of money for its deliberate development, comprising Rs. 10,839 crore contributed by RIL group entities and Rs 4,306 crore contributed by Bodhi tree Systems,” Viacom 18 said in a statement.
Viacom18 said that Paramount Global will continue as a shareholder and supply Viacom18 its premium global content.
“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. Uday Shankar has been appointed to the Board of Viacom18. Paramount Global will continue as a shareholder and supply Viacom18 its premium global content,” it stated.
“This distinctive partnership brings collectively India’s greatest conglomerate, two of essentially the most acknowledged media business veterans and a number one international media and leisure firm,” it further said in a release.
Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.
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