Paramount Global has agreed to sell its 13 percent stake in Indian media company Viacom18 to Reliance Industries for approximately $517 million, as per a recent securities filing. Reliance Industries, a multinational conglomerate, is already the majority shareholder in Viacom18. Viacom18's current assets include the streaming service JioCinema and popular channels such as Colors, Comedy Central, and MTV.
In a strategic move, Disney recently partnered with Reliance Industries to establish a joint venture merging Reliance's Viacom18 with Disney's Star India. The deal involves Reliance investing $1.4 billion into the joint venture, valued at $8.5 billion. Disney will provide content licenses to the joint venture and may contribute additional media assets, pending regulatory approvals. The joint venture will hold exclusive rights to distribute Disney films and productions in India.
