Reliance Industries Limited (RIL) today announces a significant step in bolstering its presence in the entertainment industry through the acquisition of a substantial stake in Viacom18 Media Pvt. Ltd. Under the leadership of Chairman Mukesh Ambani, RIL has entered into a binding agreement to acquire Paramount Global’s entire 13.01% equity interest in Viacom18 Media, one of India’s leading entertainment networks.
This strategic acquisition, valued at approximately Rs. 4,286 crore ($517 million), underscores RIL’s unwavering commitment to fostering the growth and expansion of Viacom18. With this transaction, RIL’s equity ownership in Viacom18 will rise to 70.49% on a fully diluted basis, reaffirming its position as the majority shareholder and demonstrating confidence in the future prospects of the company.
Viacom18 Media Pvt. Ltd. boasts a diverse portfolio of 40 television channels, including popular networks such as Comedy Central, Nickelodeon, and MTV. With RIL’s increased equity stake, Viacom18 is poised for sustained growth and innovation, further enriching the Indian entertainment landscape with compelling content offerings.
Paramount Global, the seller of the stake, has expressed faith in RIL’s strategic vision for Viacom18 and its commitment to nurturing creativity and excellence in content production. Paramount Global remains committed to continuing its partnership with Viacom18, ensuring the uninterrupted availability of premium entertainment content to audiences across India.
The acquisition of Paramount’s stake in Viacom18 by RIL is subject to customary closing conditions and regulatory approvals. Upon completion, this transaction is expected to fortify RIL’s position in the entertainment industry and contribute to the continued success and expansion of Viacom18.
