Entertainment giant Viacom18 on Thursday announced the completion of a strategic deal with Reliance Storage Limited, Bodhi Tree Systems and Paramount Global. Following the sanctions by National Company Law Tribunal (NCLT) Mumbai, the partnership has come into effect.
As per updates, with the completion of this deal, the Mukesh Ambani-owned TV18 group will now hold 50.994 per cent equity stake, Bodhi Tree will have 0.011 per cent stake and Paramount Global will have 48.994 per cent stake in the company.
“Upon consummation of this merger, the integration of JioCinema into Viacom18 has been completed. Viacom18 has 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,” Viacom18 said in an official statement.
It must be noted that with this deal, RIL group entities will reportedly hold a total of 60.37 per cent stake, TV18 with 13.54 per cent, Bodhi Tree with 13.08 per cent and Paramount Global with 13.01 per cent – all on a fully diluted basis. In addition to this, Paramount Global will also continue as a shareholder and supply its premium global content to Viacom18.
The official statement adds, “The partnership will enable Viacom18 to innovate and disrupt the M&E sector, with Uday Shankar and James Murdoch providing strategic and operational guidance to Viacom18, 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.”
