8 months ago
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Paramount Global has reached a binding agreement to sell its stake in Reliance-controlled Indian media house Viacom18 to Reliance for $517 million, both companies said Wednesday.
The deal will increase Reliance’s stake in Viacom18, which operates dozens of TV channels as well as streaming service JioCinema, to 70.49%, Reliance said in its disclosure.
The Thursday’s move follows Disney announcing plans to merge its India business with Viacom18 late last month. The two firms said their merger will create a joint venture that they value at $8.5 billion. Viacom18 also counts Bodhi Tree, an investment firm run by James Murdoch and Uday Shankar, among its backers.
This is a developing story. More to follow.
