Paramount Global Offloads 13% Stake in Viacom18 to Reliance for $517M
Originally Published 1 year ago — by Variety
Paramount Global has sold its 13% stake in Indian TV and streaming company Viacom18 to Reliance Industries for $517 million, as part of efforts to strengthen its balance sheet. This comes after Reliance's merger with Disney's Star India and Viacom18. The sale is subject to regulatory approvals and completion of the joint venture involving Reliance, Viacom18, and Star Disney, with Paramount continuing to license its content to Viacom18 after the closing.