Reliance Industries Limited has entered into a binding agreement. The agreement is between the company and two subsidiaries of Paramount Global for the company to acquire 13.01% equity stake (on a fully diluted basis) 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. Additionally, the company currently holds compulsorily convertible preference shares of Viacom18 representing 57.48% equity stake (on a fully diluted basis).
Post the completion of this transaction, the company’s equity stake in Viacom18 will increase to 70.49% (on a fully diluted basis).
Moreover, 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. The transaction is subject to regulatory approvals and completion of the transaction envisaged in the media release titled ‘Reliance and Disney announce strategic joint venture to bring together the most compelling and engaging entertainment brands in India’ submitted by the company on February 28, 2024.