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.
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)