Reliance Industries stocks surged over 1% during Thursday morning trading, propelled by the announcement of Paramount Global’s decision to divest its 13% stake in its Indian TV business.
The deal, valued at Rs 4,286 crore, has been finalized through a binding agreement between Reliance and two subsidiaries of Paramount Global.
On the Bombay Stock Exchange (BSE), Reliance’s shares soared by 1.13% to reach Rs 2,897.35, while on the National Stock Exchange (NSE), they climbed 1.14% to Rs 2,897.05. This development contributed to the company’s market valuation, which stood at an impressive Rs 19,52,171.94 crore during early trading hours.
According to filings made with the stock exchanges and the US Securities and Exchange Commission (SEC), Reliance disclosed its agreement to acquire a significant stake in Viacom 18 Media Private Limited, a subsidiary of TV18 Broadcast Ltd.
Paramount Global expressed that the closure of this transaction hinges upon fulfilling customary conditions, including regulatory approvals, and the completion of a joint venture involving Reliance, Viacom18, and Star Disney.
Post-transaction, Reliance’s equity stake in Viacom18 is slated to increase from 57.48% to 70.49% on a fully diluted basis. Both parties affirmed that Paramount Global would continue to license its content to Viacom18 even after the deal’s completion.