March 15, 2024
1 min read

Reliance Buys 13.01% of Viacom18

Post the completion of this transaction, Reliance Industries equity stake in Viacom18 will increase to 70.49 per cent …reports Asian Lite News

Reliance Industries has signed an agreement to acquire 13.01 per cent equity stake of Viacom 18 Media Private Limited (Viacom18) held by Paramount Global through its two subsidiaries for an aggregate consideration of Rs 4,286 crore.

Viacom18 is a material subsidiary of TV18 Broadcast Limited. Reliance Industries currently holds Compulsorily Convertible Preference Shares of Viacom18 representing 57.48 per cent equity stake (on a fully diluted basis).

Post the completion of this transaction, Reliance Industries equity stake in Viacom18 will increase to 70.49 per cent (on a fully diluted basis). The acquisition is not a related party transaction and none of the company’s promoter/promoter group/group companies have any interest in the acquisition, Reliance Industries said in a filing.

On February 28, Reliance Industries Limited (RIL), Viacom 18 Media Private Limited (Viacom18) and The Walt Disney Company (Disney) announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India.

As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (SIPL) through a court approved scheme of arrangement. In addition, RIL has agreed to invest at closing Rs 11,500 crore ($ 1.4 billion) into the JV for its growth strategy.

ALSO READ: Retail Inflation Cools in February

Previous Story

India’s IT Spending Hits $44 Billion

Next Story

US Chip Giant Unveils India Strategy

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

Another feather in TCS’ cap

This recognition is based on an independent survey of 45,000

Breather for eight Indians on death row in Qatar  

The eight Indian nationals have been imprisoned in Qatar since