Paramount Sells Viacom18 Stake

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Paramount Global has reached a deal to sell its 13 percent stake in Viacom18 to Reliance Industries for $517 million.

Paramount announced the deal in an SEC filing. The transaction is subject to customary closing conditions and regulatory approval. After the closing, Paramount will continue to license its content to Viacom18.

Last month saw Reliance Industries and The Walt Disney Company clinch an $8.5 billion deal to bring together the Viacom18 and Star India businesses into a joint venture. Viacom18 will be merged into Star India through a court-approved scheme of arrangement. Following the transaction, the joint venture will be controlled by Reliance, which will hold a 16.34 percent stake, with Viacom18 holding 46.82 percent and Disney 36.84 percent. The venture will be chaired by Nita M. Ambani. Former Star India chief Uday Shankar has been tapped as vice chair and is providing strategic guidance to the combined operation, which will encompass channel brands like Colors, StarPlus and StarGOLD, lucrative sports assets Star Sports and Sports18 and the digital platforms JioCinema and Hotstar.