For a consideration of Rs 4,186 cr
Reliance Industries announced that binding agreement has been entered into on 14 March 2024 between the Company and two subsidiaries of Paramount Global for the Company to acquire 13.01% equity stake (on a fully diluted basis) of Viacom 18 Media (Viacom18) held by Paramount Global through its two subsidiaries for an aggregate consideration of Rs. 4,286 crore.Viacom18 is a material subsidiary of TV18 Broadcast. The Company currently holds Compulsorily Convertible Preference Shares of Viacom18 representing 57.48% equity stake (on a fully diluted basis). Post the completion of this transaction, the Company's equity stake in Viacom18 will increase to 70.49% (on a fully diluted basis).
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