look news india
Paramount Global has agreed to sell 13 percent stake in its Indian TV business to Reliance Industries for Rs 4,286 crore, the Indian company said in a statement.
In a stock market filing, Reliance said it has entered into an agreement with two of its subsidiaries to acquire 13.01 per cent stake in Paramount Global's Viacom 18 Media Pvt Ltd.
Similarly, in a filing with the US Securities and Exchange Commission (SEC), Paramount Global said that the completion of the deal is subject to the satisfaction of certain customary conditions.
This includes completing the previously announced Reliance, Viacom 18 and Star Disney joint venture program with regulatory approvals.
It added that Paramount would continue to license its content to Viacom18 following the closing.
RIL has said that Viacom 18 TV is a content providing subsidiary of 18 Broadcast Limited.
After completion of this transaction, the company's stake in Viacom 18 will increase to 70.49 percent.
Reliance Industries and Walt Disney Co last month announced the merger of their India TV and streaming media assets, creating a Rs 70,000 crore entertainment conglomerate.
Reliance Industries will hold 16.34 percent stake in the combined entity, while Viacom 18 will hold 46.82 percent.