Paramount Global has announced the sale of its 13% equity interest in Viacom18 to Reliance Industries for $517 million. The transaction increases Reliance's share in Viacom18 to 70.49%. This move comes after Disney's recent announcement to merge its India business with Viacom18, aiming to create a joint venture valued at $8.5 billion. The sale to Reliance marks a significant shift in the media landscape, reflecting the growing importance of the Indian market.
News Alert | Paramount to sell entire 13.01% equity interest in Viacom18 to RIL for $517 mn (Rs 4286 cr): Agencies @paramountplus @RIL_Updates https://t.co/6gflKoybC2
India's Reliance to buy Paramount's stake in Viacom18 https://t.co/Psm7DXQngu https://t.co/sP7D0enmXB
Paramount sold its 13% stake in its Indian TV business to its partner, Reliance Industries, for $517 million. https://t.co/ipAOCuaZ2f
Paramount Global Sells 13% Stake in Viacom18 to Reliance for $517 Million https://t.co/LMFWBAnn6y
Paramount Global Sells 13% Stake in Viacom18 to Reliance for $712 Million https://t.co/LMFWBAnn6y
Paramount Global Sells Viacom18 Stake to Reliance Industries for $517 Million https://t.co/ckdlbIs8sA
Paramount Global has sold its 13% equity interest in Viacom18 Media to Indian conglomerate Reliance Industries for the equivalent $517 million https://t.co/4Qyx601R9a
Paramount Global to sell stake in Viacom18 to Reliance for $517m - statement Reliance's stake in Viacom18 to increase to 70.49% New deal follows Disney announcing plans to merge India biz with Viacom18 to create a $8.5b JV late last month
Paramount Global to sell stake in India’s Viacom18 to Reliance for over $500M https://t.co/zprfvzx7BG
Paramount Global to sell stake in India’s Viacom18 to Reliance for over $500M: https://t.co/7JNvHQQeGr by TechCrunch #infosec #cybersecurity #technology #news
Paramount Global Sells Stake in Viacom18 For $517M https://t.co/KZPvDKF203
*PARAMOUNT TO SELL ENTIRE EQUITY INTEREST IN VIACOM 18 FOR $517M
Before the close of the Viacom and CBS merger, we firmly believed the combined Paramount would be a content arms dealer. We, nor anyone we knew in 2019, expected Paramount to enter the streaming wars and lose billions of dollars annually to rival Netflix $PARA…