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James Murdoch, Uday Shankar Invest in Viacom18 to Form TV & Streaming Company

The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.

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Reliance and Viacom18 on Wednesday, 28 April, announced a strategic partnership with Bodhi Tree Systems – a platform of James Murdoch's Lupa Systems and Uday Shankar – to form one of the "largest TV and digital streaming companies in India".

Bodhi Tree Systems is leading a fundraising with a consortium of investors to invest Rs 13,500 crore in Viacom18.

The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.
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Reliance Projects and Property Management Services, a wholly-owned subsidiary of Reliance Industries, will invest Rs 1,645 crore.

In addition, the JioCinema OTT app will be transferred to Viacom18.

Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company, will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content, a statement said.

"We are very excited to partner with Bodhi Tree and lead India's transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership," said Mukesh D Ambani, Chairman and Managing Director of Reliance Industries.

(Piece has been shortened for clarity)

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Topics:  Reliance   Viacom 18 

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