A man walks past a Reliance Industries Limited signboard in Gandhinagar.
| Photo Credit: REUTERS
The Reliance Industries Ltd. on Thursday, March 14, 2024, informed stock exchanges that it had agreed to acquire 13.01% equity stake (on a fully diluted basis) of Viacom 18 Media Private Ltd. from two subsidiaries of Paramount Global for an aggregate consideration of ₹4,286 crore.
Viacom18 is a material subsidiary of TV18 Broadcast Ltd. and RIL currently holds Compulsorily Convertible Preference Shares of Viacom18 representing 57.48%equity stake (on a fully diluted basis).
Post the completion of this transaction, RIL’s stake in Viacom18 will increase to 70.49% (on a fully diluted basis), it said in the filing.
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The transaction is aimed at facilitating RIL’s merger of its media businesses with that of Walt Disney’s in India.