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Paramount Global Sells 13% Stake in India’s Viacom18 to Reliance for $517 Million
Paramount Global sold its 13% ownership stake in Viacom18 to Reliance Industries for $517 million.
The pact comes two weeks after Disney and Reliance Industries announced a blockbuster $8.5 billion deal merging their massive Indian TV and streaming businesses. Bodhi Tree, a company controlled by former Disney India chair Uday Shankar and James Murdoch, owns 15.97% of Viacom18. The closing of Paramount Global’s sale is subject to certain customary conditions, including receipt of applicable regulatory approvals, as well as the completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney.
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