Mumbai: In a significant move to expand its media empire, Reliance Industries, India’s largest private conglomerate, has announced the acquisition of a 13.01% stake in Viacom18 Media Pvt. Ltd. from Paramount Global. The deal, valued at Rs 4,286 crore, was disclosed to stock exchanges on March 14, marking a new chapter in the Indian media landscape.
Previously held by Paramount Global through two of its subsidiaries, the stake in Viacom18 will now contribute to increasing Reliance’s shareholding in the company. Post-acquisition, TV18 Broadcast’s stake in Viacom18, which is a subsidiary of TV18 Broadcast, will rise from 57.48% to an impressive 70.49%.
Paramount Global has also committed to a continued partnership with Viacom18, agreeing to license its content for streaming on Reliance’s JioCinema platform even after the transaction’s completion. This ensures that popular channels like Comedy Central, Nickelodeon, and MTV, which are part of Viacom18’s extensive portfolio of 40 television channels, will maintain their content-rich programming.
The acquisition aligns with Reliance Industries’ strategic vision to fortify its position in the entertainment sector and comes on the heels of a nearly $8.5 billion media merger between Disney and Reliance. This move not only underscores Reliance’s commitment to growth in the digital entertainment space but also reflects the company’s broader ambitions in the global media industry.
