Mukesh Ambani’s Reliance is in advanced talks to buy Paramount Global’s minority stake in Viacom18 Media.
Last month, the Indian law firm JSA advised Paramount Global in the sale of its entire stake of 13% in Viacom18 Media to Reliance Industries.
The law firm stated that this is a part of the larger transaction of USD 8.5 billion (Rs. 70,352 crore) of RIL and The Walt Disney Company to form a joint venture that will merge the businesses of Viacom18 and Star India.
The transaction team comprises the law firm’s Lead Partner – Lalit Kumar and Partner – Bharati Joshi.
Paramount, the parents of CBS, MTV, and various other networks, has initiated asset sales, including its Simon & Schuster book publishing division, in an effort to reduce debt burdens.
According to a Bloomberg story, the partial sale of Viacom18 to Mukesh Ambani’s Reliance could potentially yield around Rs 4,555 crore for Paramount Global, providing a significant sum that could be allocated towards reducing debt.
On February 28, 2024, The Walt Disney Company sold its India business to Mukesh Ambani’s Reliance Industries at a $3.5 billion valuation, which it bought from Rupert Murdoch for $14 billion seven years ago.
Effectively, RIL paid USD 2.2 billion (about Rs 18,000 crore) for a 63% stake in the JV.
If regulators and shareholders approve, it will create a Rs 70,000 crore-behemoth.
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