Reliance Industries Acquires Paramount's Viacom18 Stake for $570M

Paramount Global is selling its 13% stake in Indian broadcasting unit Viacom18 to Reliance Industries for over $500 million, as part of its efforts to delever its balance sheet. The deal reflects Paramount's focus on licensing content and improving financials, while also indicating the tough market conditions in India. With the M&A rumor mill in full swing, Paramount's CEO has expressed openness to deals in order to create shareholder value, as the company navigates the competitive streaming space.