Reliance To Buy Paramount Global's 13% Stake In Viacom18 Media For Rs 4,286 Crore: Report

Reliance Industries Limited (RIL) has agreed to purchase the 13 per cent stake held by Paramount Global in Viacom18 Media for Rs 4,286 crore, as per RIL's regulatory filing.

The agreement, according to reports, signifies a binding commitment between the two parties for the acquisition of 13.01 per cent of the equity stake (on a fully diluted basis) of Viacom18 Media, currently owned by two subsidiaries of Paramount Global.

Following this transaction, Reliance's equity stake in Viacom18 will surge to 70.49 per cent on a fully diluted basis, marking an increase from its existing 57.48 per cent stake, which comprises Compulsorily Convertible Preference Shares.

Viacom18 originated as a joint venture (JV) between TV18, supported by Reliance Industries and Paramount Global.

Following the conclusion of the deal, Paramount has affirmed its dedication to persist in licensing its content to Viacom18.