Reliance Industries Acquires Paramount's Stake in Viacom18 for ₹4,286 Crore

14 Mar 2024 , 10:23 AM

Reliance Industries announces acquisition of Paramount Global’s 13.01% stake in Viacom18 Media for ₹4,286 Crore.

The agreement involves Reliance acquiring the stake held by Paramount Global’s subsidiaries. Reliance’s equity stake in Viacom18 will rise to 70.49% post-transaction. Currently, Reliance holds Compulsorily Convertible Preference Shares representing 57.48% equity in Viacom18.

Viacom18, primarily owned by Reliance, operates 40 television channels including Comedy Central, Nickelodeon, and MTV.

Paramount commits to continue licensing content to Viacom18 post-deal; its content is available on Reliance’s JioCinema platform.

Completion of the transaction is contingent upon Reliance’s merger with Walt Disney concerning their TV and streaming media assets in India.

Reliance’s ambition to build India’s largest media empire led to the acquisition of Network18 in 2014, including Viacom18.

Reliance increased its stake in Viacom18 by 1% from Paramount Global in 2018. Previous attempts to merge Viacom18 with Sony and Zee were unsuccessful.

The merger between Star India and Viacom18, finalized in February 2024, establishes a dominant $8.5 billion media powerhouse.

For feedback and suggestions, write to us at [e-mail]