Paramount Global has reached a binding agreement to sell its 13% stake in Reliance-controlled Indian media firm 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 a disclosure (PDF) to a local stock exchange. The move follows Disney announcing plans to merge its India business with Viacom18 late last month.
Paramount Global has reached a binding agreement to sell its 13% stake in Reliance-controlled Indian media firm Viacom18 to Reliance for $517 million, Paramount Global has reached a binding agreement to sell its stake in Indian media house Viacom18 to conglomerate Reliance for $517 million.