India's largest private company Reliance Industries informed stock exchanges on March 14 that it has entered in a binding agreement to buy Paramount Global's entire 13.01% stake in Viacom 18 Media for Rs 4,286 crore ($517 million).
The stake in Viacom18 was held by Paramount Global through its two subsidiaries.
Paramount has informed through a US regulatory filing that it will continue licensing its content to Viacom18 even after the deal is finalized. Paramount already streams its content through Reliance's JioCinema.
Viacom18 is a subsidiary of TV18 Broadcast, which holds preferencial shares worth 57.48% in the company. Post the trascaction, TV18 Broadcast's stake in Viacom18 will increase to 70.49%. Viacom18 has 40 television channels, including Comedy Central, Nickelodeon and MTV.
This transaction is subject to completion of Reliance's previously announced merger with Walt Disney for their India TV and streaming media assets.
Disclaimer: Moneycontrol is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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