Reliance to buy 13.01% of Paramount's stake in Viacom18 for Rs 4,286 crore

economictimes.indiatimes.com:

Reliance Industries has agreed to buy Paramount Global's entire 13.01% stake in local entertainment network Viacom 18 Media for approximately Rs. 4,286 crore, RIL said in a regulatory filing.

«A binding agreement has been entered between Reliance and two subsidiaries of Paramount Global to acquire 13.01% equity stake (on a fully diluted basis) of Viacom 18 Media held by Paramount Global through its two subsidiaries for an aggregate consideration of Rs. 4,286 crore,» the filing said.

After the completion of this transaction, Reliance's equity stake in Viacom18 will increase to 70.49% on a fully diluted basis.

At present, Reliance holds Compulsorily Convertible Preference Shares of Viacom18, representing a 57.48% equity stake.

Viacom18, primarily owned by Reliance, operates a network of 40 television channels, featuring popular brands such as Comedy Central, Nickelodeon, and MTV.

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Paramount has affirmed its commitment to continue licensing its content to Viacom18 following the completion of the deal. Paramount's content is currently available for streaming on Reliance's JioCinema platform.

Furthermore, the completion of the transaction is contingent upon Reliance's previously disclosed merger with Walt Disney concerning their television and streaming media assets in India.