RIL gains full control of Viacom18, strengthens media leadership
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Days after completing the ₹70,352 crore merger of its media business with the India business of Walt Disney, Reliance Industries Ltd (RIL) has gained full control of Viacom18, thus strengthening its position in the media space in India. Viacom18 Media Private Ltd (Viaom18) has officially become a subsidiary of RIL with effect from December 30, 2024, and has ceased to be the subsidiary of Network18, a statement said today.
As stated in the disclosure on November 14, 2024, RIL was holding 70.49% stake in Viacom 18 on a fully diluted basis, which comprised 5,57,27,821 equity shares and 24,61,33,682 compulsorily convertible preference shares (CCPS). Viacom18 was a material subsidiary of Network18 Media & Investments Limited (“Network18”), a RIL subsidiary.
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The company on December 30, 2024, converted the 24,61,33,682 compulsorily convertible preference shares (CCPS) into 24,61,33,682 equity shares, thus making it a subsidiary of the company.
Post the conversion, the company holds 83.88% of the total equity share capital of Viacom18 and continues to hold 70.49% on a fully diluted basis.
RIL had bought out Paramount Global’s entire stake of 13.01% in Viacom18 for ₹4,286 crore in March 2024, and as a result, 70.49% stake in Viacom18 was by RIL, 13.54% by Network18 Media & Investments Ltd., and 15.97% by Bodhi Tree Systems, on a fully-diluted basis. RIL's current shareholding positions it to drive Viacom18's growth to new heights.
Shares of RIL closed 0.38% up at ₹1,215.45 on the BSE today.
Mukesh Ambani-led Reliance Industries in November 2024 also completed the merger of its media business with the India business of global media house Walt Disney to form a new joint venture worth ₹70,352 crore. Reliance has invested ₹11,500 crore into the JV to support its growth.
At the closing of the transactions, the JV is controlled by RIL, which owns a 16.34% stake in the merged entity. Viacom18 Media holds 46.82% of the stake, while Disney owns 36.84% shares in the company.
The JV is touted to be one of the largest Media & Entertainment companies in India with pro forma combined revenue of around ₹26,000 crore ($3.1 billion) for the fiscal year ended in March 2024. The JV operates over 100 TV channels and produces 30,000+ hours of TV entertainment content annually. The JioCinema and Hotstar digital platforms have an aggregate subscription base of over 50 million. The JV holds a portfolio of sports rights across cricket, football and other sports.
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