Reliance Buys Paramount's Stake in Viacom18, Eyes Media Dominance
March 14, 2024Reliance 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.
Summary based on 5 sources
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Sources
TechCrunch • Mar 13, 2024
Paramount Global to sell stake in India's Viacom18 to Reliance for over $500M | TechCrunchVariety • Mar 13, 2024
Paramount Global Sells Viacom18 Stake to Reliance for $712 MillionSeeking Alpha • Mar 13, 2024
Paramount sells its Indian television business stake to Reliance for $517MDeadline • Mar 13, 2024
Paramount Global Sells Stake In Viacom18 To India’s Reliance For $500 Million