Reliance Investing Rs 4286 Cr In Viacom

On March 14 India's biggest private company, Reliance Industries, announced to stock exchanges that it has made a binding agreement to buy Paramount Global's entire 13.01% ownership in Viacom 18 Media for Rs 4,286 crore ($517 million).

Paramount Global owned this stake in Viacom18 through its two subsidiary companies.

Paramount stated in a filing to US regulators that it will keep licensing its content to Viacom18 even after the deal is done.

Paramount already shares its content through Reliance's JioCinema platform.

Viacom18 is a branch of TV18 Broadcast, which owns 57.48% preference shares in the company.

After the transaction TV18 Broadcast's ownership in Viacom18 will rise to 70.49%. Viacom18 operates 40 television channels, including Comedy Central, Nickelodeon, and MTV.

This deal depends on the completion of Reliance's previously announced merger with Walt Disney for their TV and streaming media assets in India.