Viacom18 today (April 14) announced that following the sanction by NCLT, Bombay, the scheme of merger of Reliance Storage Limited with itself has become effective and Viacom18 has allotted shares to Bodhi Tree Systems and RIL group entities as consideration for the scheme of merger. Upon consummation of this merger,
(i) the integration of JioCinema into Viacom18 has been completed; and
(ii) Viacom18 has access to Rs. 15,145 crore of cash for its planned growth, comprising Rs. 10,839 crore contributed by RIL group entities and Rs. 4,306 crore contributed by Bodhi Tree Systems. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.
As a consequence of the closing of the transactions noted above, the shareholding of Viacom18 will be:
(a) Equity: TV18 – 50.994%; Paramount Global – 48.994%; Bodhi Tree – 0.011%.
(b) CCPS: RIL group entities – 82.2%; Bodhi Tree – 17.8%.
(c) Fully diluted basis: RIL group entities – 60.37%; TV18 – 13.54%; Bodhi Tree – 13.08%; Paramount Global – 13.01%.
The partnership will enable Viacom18 to innovate and disrupt the Media & Entertainment sector, with Uday Shankar and James Murdoch providing strategic and operational guidance to Viacom18, leveraging their track-record of building iconic media businesses. Uday Shankar has been appointed to the Board of Viacom18. Paramount Global will continue as a shareholder and supply Viacom18 its premium global content. This partnership brings together India’s biggest conglomerate, two of the most recognised media industry veterans and a leading global media and entertainment company.