Viacom18 on Thursday announced completion of strategic partnership with Reliance Storage Limited , Bodhi Tree Systems and Paramount Global (formerly known as ViacomCBS).
Following the sanction by NCLT Mumbai, the scheme of merger of Reliance Storage Ltd with Viacom 18 has become effective, and Viacom18 has allotted shares to Bodhi Tree Systems and RIL Group entities as consideration for the scheme of the merger, according to a statement.
Upon the completion of this merger, the integration of JioCinema into Viacom18 stands completed and Viacom18 will have access to Rs 15,145 crore of cash for its planned growth, comprising Rs 10,839 crore contributed by RIL Group entities and Rs 4,306 crore contributed by Bodhi Tree Systems, the statement added.
With the completion of the deal, TV18 (owned by Mukesh Ambani) will hold 50.994% equity stake, while Bodhi Tree will have 0.011% stake in the company. Paramount Global will hold 48.994%.
RIL group entities will hold on a 60.37%; TV18 – 13.54%; Bodhi Tree –13.08%; Paramount Global – 13.01% on a fully diluted basis, the release said.
“Upon consummation of this merger, the integration of JioCinema into Viacom18 has been completed. Viacom18 has access to Rs 15,145 crore of cash for its planned growth, comprising Rs. 10,839 crore contributed by RIL group entities and Rs 4,306 crore contributed by Bodhi tree Systems,” Viacom 18 said in a statement.
Viacom18 said that Paramount Global will continue as a shareholder and supply Viacom18 its premium global content.
“The partnership will enable Viacom 18 to innovate and disrupt the M&E sector, with Uday Shankar and James Murdoch providing strategic and operational guidance to Viacom 18, leveraging their track-record of building iconic media businesses. Uday Shankar has been appointed to the Board of Viacom18. Paramount Global will continue as a shareholder and supply Viacom18 its premium global content,” it said.
“This unique partnership brings together India’s biggest conglomerate, two of the most recognized media industry veterans and a leading global media and entertainment company,” it further said in a release.
Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.
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