The Mumbai-headquartered media company, Viacom 18, on Thursday, announced that it has completed the transaction for a strategic partnership with Reliance Industries Ltd. (RIL), Bodhi Tree Systems, and Paramount Global.
Following the sanction by NCLT Mumbai, the scheme of merger of Reliance Storage Ltd with Viacom 18 has become effective, and Viacom18 has allotted shares to Bodhi Tree Systems and RIL Group entities as consideration for the scheme of the merger, according to a statement.
Upon the completion of this merger, the integration of JioCinema into Viacom18 stands completed and Viacom18 will have access to Rs 15,145 crore of cash for its planned growth, comprising Rs 10,839 crore contributed by RIL Group entities and Rs 4,306 crore contributed by Bodhi Tree Systems, the statement added.
Additionally, the shareholding of Viacom18 will now change, and Bodhi Tree will be holding 13 percent of Viacom18 on a diluted basis. While RIL Group and Paramount will hold 60.4 percent and 13 percent respectively on a diluted basis, in Viacom18.
The pact will enable Viacom18 to innovate and disrupt the M&E sector. The company also revealed that Uday Shankar has been appointed to the Board of Viacom18. While Paramount Global will continue as a shareholder and supply Viacom18 with its premium global content.
Founded in 2007, Viacom18 is a joint venture between Network18 Group — a subsidiary of Reliance Industries Ltd., and Paramount Global. It owns various channels, as well as content production studios in India.
“The partnership will enable Viacom 18 to innovate and disrupt the M&E sector, with Uday Shankar and James Murdoch providing strategic and operational guidance to Viacom 18, leveraging their track-record of building iconic media businesses. Uday Shankar has been appointed to the Board of Viacom18. Paramount Global will continue as a shareholder and supply Viacom18 its premium global content. This unique partnership brings together India’s biggest conglomerate, two of the most recognized media industry veterans and a leading global media and entertainment company,” the press release said.
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