Connect with us

Headlines Of The Day

Viacom18 completes merger with Reliance unit, integrates JioCinema

Viacom18 Media Pvt. said the merger of Reliance Storage Ltd. with itself became effective following the sanction by the Mumbai bench of the NCLT.

Viacom18 has allotted shares to Reliance Industries Ltd.’s group entities and Bodhi Tree Multimedia Ltd. as consideration for the scheme of merger, it said in a release issued on Thursday.

Viacom18 has also completed the integration of JioCinema with itself, a crucial acquisition during the ongoing Indian Premier League season, it said.

According to the release, the company has access to Rs 15,145 crore worth of cash for planned growth, while Rs 10,839 crore has been contributed by Reliance Industries’ group entities and Rs 4,306 crore by Bodhi Tree, the release said.

With these transactions now completed, Viacom18’s parent TV18 Broadcast Ltd. holds 50.99% equity stake, while joint venture partner Paramount Global holds 48.99% equity. Bodhi Tree has 0.01% equity.

Reliance Group entities hold 82.2% compulsorily convertible preference shares and Bodhi Tree holds the remaining 17.8%.

On a fully diluted basis, RIL group entities now have 60.37% shareholding, TV18 has 13.54%, Bodhi Tree has 13.08%, and Paramount Global holds 13.01% stake.

Paramount Global is backed by James Murdoch, media mogul and son of Rupert Murdoch. Qatar Investment Authority, the sovereign wealth fund of Qatar, is an investor in Bodhi Tree.

“Uday Shankar has been appointed to the board of Viacom18,” it said. “Paramount Global will continue as a shareholder and supply Viacom18 its premium global content.” Bloomberg

Copyright © 2023.Broadcast and Cablesat

error: Content is protected !!