Reliance Industries to purchase Paramount Global’s 13% stake in Viacom 18 Media for Rs 4,286 crore

New Delhi, March 14 (IANS) – Reliance Industries has made a significant move by acquiring a 13.01 per cent equity stake in Viacom 18 Media Private Limited from Paramount Global for a sum of Rs 4,286 crore. This acquisition will increase Reliance Industries’ stake in Viacom18 to 70.49 per cent.

Viacom18 is a material subsidiary of TV18 Broadcast Limited, and currently, Reliance Industries holds Compulsorily Convertible Preference Shares of Viacom18 amounting to 57.48 per cent equity stake. This acquisition is not a related party transaction and has no involvement from the company’s promoter group.

Earlier on February 28, Reliance Industries Limited, Viacom18, and The Walt Disney Company had announced their agreement to form a joint venture combining the businesses of Viacom18 and Star India. As part of this joint venture, the media operations of Viacom18 will be merged into Star India through a court-approved scheme of arrangement.

In addition to the merger, Reliance Industries has committed to invest Rs 11,500 crore ($1.4 billion) into the JV for further growth strategies. This strategic move marks a significant milestone for Reliance Industries as it strengthens its position in the media and entertainment industry.