Paramount to sell 13.01% stake in Viacom18 to Reliance Industries

Wednesday, March 13th, 2024 
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On March 13, 2024, certain subsidiaries of Paramount Global (“Paramount”) entered into a transfer agreement (the “Sale Agreement”) with Reliance Industries Limited (“Reliance”), pursuant to which the Paramount subsidiaries agreed to sell, and Reliance agreed to purchase, the Paramount subsidiaries’ entire 13.01% equity interest in Viacom 18 Media Private Limited (“Viacom18”) for an aggregate purchase price of 42,86,00,00,000 Indian rupees, which is equivalent to approximately $517 million based on the current foreign exchange rate (the “Transaction”).

The closing of the Transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals, as well as the completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney. After the closing, Paramount will continue to license its content to Viacom18.

Links: Paramount; Reliance Industries