Reliance Industries, led by Mukesh Ambani, is set to buy Paramount Global’s 13.01% stake in Viacom18 Media for about $517 million (₹42.86 billion), according to US regulatory filings. Viacom18 owns popular TV channels like Comedy Central and MTV, and is mostly owned by Reliance.
Even after the deal, Paramount will continue its content licensing agreement with Viacom18, ensuring its content remains available on Reliance’s JioCinema platform.
This purchase depends on Reliance’s previously announced merger with Disney for their TV and streaming media assets in India. Talks about Paramount selling its stake in Viacom18 to Reliance were reported earlier by Bloomberg.
Paramount has been selling off assets to reduce its debt, including its book publishing arm Simon & Schuster. Analysts estimate the sale of its Viacom18 stake could bring in around $550 million, which could help in reducing its debt burden.
For Reliance, this acquisition is part of its strategy to expand its presence in India’s entertainment market. Mukesh Ambani aims to transform Reliance from a fossil fuel company to a consumer-focused and technology-driven enterprise.
The move follows Disney’s struggles in retaining subscribers, especially after Reliance started streaming IPL cricket matches for free in India. Last month, Disney and Reliance signed a deal to merge their Indian media operations, with Reliance owning the majority stake in the merged entity valued at $8.5 billion.
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