Reliance and Viacom18 today announced a strategic partnership with Bodhi Tree Systems, which is 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 fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India's leading entertainment platform and pioneer the Indian media landscape's transformation to a streaming-first approach. Viacom18 owns and operates the suite of Colors TV channels and OTT platform, VOOT.
Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs 1,645 crore.
In addition, thepopular JioCinema OTT app will be transferred to Viacom18.
Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company comprised of iconic content studios, TV networks and streaming services including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content.
Upon closing, Viacom18, in close cooperation with Reliance, Bodhi Tree Systems and Paramount Global, will shape a vision, strategy, and execution for its businesses, building on the strong existing foundation. Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan India presence.
The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU