RIL to acquire additional 13% stake in Viacom 18 from Paramount Global

Mar14,2024


A person passing by the signboard of Reliance Industries Limited in Gandhinagar.

A person passing by the signboard of Reliance Industries Limited in Gandhinagar. , Photo courtesy: Reuters

Reliance Industries Ltd on Thursday, March 14, 2024 informed the stock exchanges that it has acquired 13.01% equity stake (on a fully diluted basis) of Viacom 18 Media Pvt Ltd from two subsidiaries of Paramount Global for overall consideration. Have agreed. Of ₹4,286 crore.

Viacom18 is a subsidiary of TV18 Broadcast Limited and RIL currently holds compulsorily convertible preference shares of Viacom18, representing 57.48% equity stake (on a fully diluted basis).

The filing said that after the completion of this transaction, RIL's stake in Viacom18 will increase to 70.49% (on a fully diluted basis).

Also read:Reliance, Disney sign binding agreement to merge media businesses in India

The transaction is intended to facilitate RIL's merger of its media businesses in India with Walt Disney.

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *