Reliance and Viacom18 form strategic partnership with Bodhi Tree Systems

28 Apr 2022 , 01:32 PM

Reliance and Viacom18 today announced a strategic partnership with Bodhi Tree Systems, which is a platform of James Murdochs Lupa Systems and Uday Shankar, to form one of the largest TV and digital streaming companies in India.

Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build Indias leading entertainment platform and pioneer the Indian media landscapes transformation to a ?streaming-first? approach. Viacom18 owns and operates the suite of Colors TV channels and OTT platform, VOOT.

Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs 1,645 crore. In addition, thepopular JioCinema OTT app will be transferred to Viacom18.

Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company comprised of iconic content studios, TV networks and streaming services including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content.

Upon closing, Viacom18, in close cooperation with Reliance, Bodhi Tree Systems and Paramount Global, will shape a vision, strategy, and execution for its businesses, building on the strong existing foundation. Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan India presence.

The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.

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