Reliance acquires Paramount Global’s 13% stake in Viacom18 for $517 Million
Mukesh Ambani’s Reliance Industries has acquired Paramount Global’s 13% stake in Viacom18 for $517 million.
The agreement signed on Wednesday, will see Paramount Global exiting the Viacom18 company after selling its entire equity to Reliance Industries. Reliance is already the majority shareholder in Viacom18. Bodhi Tree, a company controlled by Uday Shankar and James Murdoch, owns 15.97% of Viacom18.
The news follows days after Disney and Reliance Industries announced a humongous $8.5 billion merger deal to combine their Indian TV and streaming services.
Related to this
.
Manisha Sharma quits Viacom18
17 August 2023
.
Viacom18’s Nina Elavia Jaipuria leaves after 17 years
09 October 2023
.
.
The Disney-Reliance deal is currently undergoing regulatory approvals. Similarly, Paramount Global-Reliance’s deal is now also facing the same scrutiny by authorities.
