Paramount Global has divested its entire 13% stake in Indian TV and streaming company Viacom18 to India’s Reliance Industries for approximately $517 million. Reliance was already the majority owner of Viacom18 prior to this transaction.
This deal comes shortly after Reliance announced a landmark $8.5 billion merger agreement between its Viacom18 subsidiary and Disney’s Star India TV and streaming operations. As part of that deal, the merged Viacom18-Star entity will combine the companies’ Indian media footprints.
Viacom18 is one of India’s fastest growing entertainment networks with 38 channels spanning genres such as general entertainment, movies, sports, youth, music and kids programming. Its JioCinema streaming platform is among the top services in India. Viacom18 Studios has also produced and distributed Hindi and regional films for over 13 years.
For Paramount, selling its Viacom18 stake is part of its efforts to pay down debt and strengthen its balance sheet.
Paramount CFO Naveen Chopra said the company is “highly focused on continuing to reduce balance sheet leverage.” Paramount will continue licensing content to Viacom18 following this transaction.
The other major stakeholder in Viacom18 is Bodhi Tree Systems, controlled by former Disney India head Uday Shankar and Lachlan Murdoch‘s son James, which owns a 15.97% stake.
The closing is contingent on regulatory approvals and the completion of the Reliance-Disney merger forming the new Viacom18-Star joint venture.
