Paramount Global has sold its 13% equity interest in Viacom18 Media to Reliance Industries for $517 million (Rs. 4,286 crore). The transaction is subject to regulatory approval and completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney.
After the closing, Paramount will continue to license its content to Viacom18.
Last month, Disney and Reliance announced the creation of a joint venture worth about $8.5 billion to merge their respective digital streaming and television assets in India. Disney will hold 37% of the venture which combines the businesses of Reliance Industries, Viacom18 Media and Star India. The business of Viacom18 is to be merged into Star India. Nita Ambani will be the chairperson of the JV while Uday Shankar, vice chairman.
The JV will bring together assets across entertainment (Colors, Star Plus, Star Gold) and sports (Star Sports and Sports18) including events across television and digital platforms through JioCinema and Hotstar.