Reliance and Viacom18 on 27th April announced a strategic partnership with Bodhi Tree Systems, which is a platform of James Murdoch’s Lupa Systems and Uday Shankar, to form one of the largest TV and digital streaming companies in India. Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs. 13,500 crore in Viacom18, to jointly build India’s leading entertainment platform and pioneer the Indian media landscape’s transformation to a “streaming-first” approach. Viacom18 owns and operates the suite of Colors TV channels and OTT platform VOOT. Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs. 1,645 crore. In addition, the popular JioCinema OTT app will be transferred to Viacom18. Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company comprising iconic content studios, TV networks and streaming services including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content. Bodhi Tree Systems, a newly formed platform between Lupa Systems founder and CEO James Murdoch and Uday Shankar, the former president of The Walt Disney Company Asia Pacific and former chairman of Star and Disney India, will leverage the partners’ shared track record of building iconic businesses and shaping the media landscape in India and globally. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.
The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.