Paramount Global will sell its 13% equity stake in India’s Viacom18 to majority shareholder Reliance Industries for $517 million.
The closing of the transaction is subject to the “satisfaction of certain customary conditions, including receipt of applicable regulatory approvals,” as well as the completion of a previously announced joint venture involving Reliance, Viacom18 and Disney’s Star, according to an 8K filing with the U.S. Securities and Exchange Commission.
After the closing of the transaction, Reliance’s equity stake in Viacom18 will increase to 70.49%. Paramount will continue to license its content to the joint venture.
The move provides a fresh infusion of cash to the media conglomerate, which is led by CEO Bob Bakish and owned by Shari Redstone’s National Amusements.
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