Viacom18

Viacom18 Stake to be Acquired by Reliance from Paramount Global for More than $500M

Paramount
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.

“Groundbreaking Partnership: Reliance and Disney Join Forces in India Media, Creating $8.5 Billion Joint Venture”

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Reliance, its portfolio Viacom18 and Disney are merging their media businesses in India, creating the largest media entity in the South Asian market. Reliance will control and own 16.34% of the joint venture, which it has valued at $8.5 billion. Reliance, which is India’s most valuable firm, said it sees an opportunity to expand and streamline its presence in the Indian fast-growing market by merging its media assets with Disney India. Reliance, which owns more than 60% in Viacom18, plans to invest $1.4 billion into the joint venture for its growth strategy. The “strategic” merger of Reliance and Disney India also unites two leading Indian streamers, JioCinema and Disney+Hotstar.

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