For $517 million, Paramount Global sold Reliance Industries its 13% share in the Indian TV and streaming startup Viacom18. This occurs two weeks after Disney and Reliance Industries revealed plans to combine their streaming and TV operations in India for $8.5 billion.
Under the terms of this arrangement, Disney’s Star India and Reliance’s Viacom18 would merge. The total estimated sale price of Paramount’s 13.01% equity stake in Viacom18 is $517 million.
James Murdoch and Uday Shankar, the former chair of Disney India, own Bodhi Tree, the firm that owns Viacom18, a fast expanding entertainment network in India. 38 channels covering a wide range of genres are available from the company, including kids, youth, music, sports, films, and general entertainment.
One of the best services in India is Viacom18’s streaming portal, JioCinema. For more than 13 years, Viacom18 Studios has been making and distributing Hindi and regional films in India. In order to strengthen its balance sheet, Paramount Global is divesting its stake in Viacom18.
As of the end of 2023, the media firm owed $14.6 billion in long-term debt. Reliance, Viacom18, and Star Disney must create a joint venture before selling their stake in Viacom18. Regulatory permissions are also a prerequisite for this sale.
