Reliance Industries is set to acquire a 13.01% stake in Viacom18 from Paramount Global for approximately $517 million.

Viacom18, to be majority-owned by Reliance, has a portfolio of 40 TV channels including Comedy Central and Nickelodeon.

The deal is part of a broader merger that includes Viacom18 combining with Disney's Star India.

Post-acquisition, Paramount will still license content to Viacom18, which is available on Reliance's JioCinema streaming service.

The merged entity is valued at $8.5 billion and aims to serve over 750 million viewers across India and the Indian diaspora worldwide.

Nita Ambani is appointed as the Chairperson and Uday Shankar as the vice chair of the joint venture.

This acquisition cements Reliance's position in the increasingly lucrative Indian media and entertainment market, expected to reach $100 billion by 2030.