Viacom18 Stake to be Acquired by Reliance from Paramount Global for More than $500M
Paramount Global has reached a binding agreement to sell its stake in Reliance-controlled Indian media house Viacom18 to Reliance for $517 million, both companies said Wednesday.
The deal will increase Reliance’s stake in Viacom18, which operates dozens of TV channels as well as streaming service JioCinema, to 70.49%, Reliance said in its disclosure.
Law firm JSA Associates said late last month that it was advising the two firms for the deal.
The move follows Disney announcing plans to merge its India business with Viacom18 late last month.
Viacom18 also counts Bodhi Tree, an investment firm run by James Murdoch and Uday Shankar, among its backers.
