Reliance Industries Limited (RIL) has signed a definitive agreement to purchase Paramount Global’s entire 13.01% stake in Viacom18 Media for approximately Rs 4,286 crore ($517 million), according to a regulatory filing by RIL. This move significantly increases Reliance’s ownership in Viacom18, a leading Indian media and entertainment company.

The acquisition bolsters Reliance’s stake in Viacom18 to 70.49% on a fully diluted basis. Previously, Reliance held 57.48% equity stake through Compulsorily Convertible Preference Shares (CCPS).

Viacom18 boasts a diverse portfolio of over 40 television channels, including popular youth entertainment brands like MTV, Comedy Central, and Nickelodeon. The company also has a strong presence in the digital streaming space with Voot Select.

This deal underscores Reliance’s growing ambitions in the media and entertainment sector. The acquisition comes on the heels of another major development – the previously announced merger between Jio Platforms and Disney’s Indian media assets. The combined entity is expected to be a formidable player in the Indian media landscape.

Paramount Global has assured continued licensing of its content to Viacom18 even after the completion of the sale. Existing content from Paramount is already available on JioCinema, Reliance’s digital streaming platform.

Analysts believe that this strategic move by RIL will further intensify competition in the Indian media industry. With a strong foothold in telecom, retail, and now media, Reliance is well-positioned to be a dominant player in the Indian entertainment sector.

Reliance Merger with Walt Disney

The successful execution of this transaction is contingent upon Reliance’s previously disclosed merger with Walt Disney concerning their television and streaming media assets in India. This merger is expected to further enhance the media landscape in the country.

Reliance’s move to acquire Paramount’s stake in Viacom18 underscores its commitment to expanding its presence in the entertainment industry. As the media landscape evolves, this strategic investment positions Reliance to play a pivotal role in shaping India’s content ecosystem.

Disclaimer: The information provided in this article is based on official statements and regulatory filings. Readers are advised to verify details independently.