Viacom18 Media turns into direct subsidiary of Reliance Industries

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Viacom18 Media, a number one media and leisure firm, has develop into a direct subsidiary of Reliance Industries following the conversion of over 24.61 crore compulsorily convertible choice shares (CCPS) into an equal variety of fairness shares.

Earlier, Viacom18Media was a cloth subsidiary of Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).

On December 30, billionaire Mukesh Ambani-led RIL transformed 24,61,33,682 CCPS into the equal of a share, following approval granted by the shareholders of Network18.

“Consequently, Viacom18 has develop into a subsidiary of the corporate efficient December 30, 2024, and has ceased to be a subsidiary of Network18. The corporate obtained intimation of allotment of fairness shares from Viacom18 on December 30, 2024,” mentioned RIL in a regulatory submitting.

Earlier, RIL was holding a 70.49 per cent stake in Viacom18 Media on a completely diluted foundation.

“This comprised 5,57,27,821 fairness shares and 24,61,33,682 CCPS. Viacom18 was a cloth subsidiary of Network18 Media & Investments Restricted (‘Network18’),” it mentioned.

Following this conversion, Network18 ceases to train management over Viacom18, mentioned RIL.

“Publish this conversion, the corporate holds 83.88 per cent of the entire fairness share capital of Viacom18 and continues to carry 70.49 per cent on a completely diluted foundation,” RIL mentioned.

In March 2024, RIL had acquired Paramount World’s 13.01 per cent stake in Viacom18 for Rs 4,286 crore. After this, RIL’s holding in Viacom18 had elevated to 70.49 per cent.

On November 14, 2024, RIL accomplished the merger of its media empire with the India enterprise of the worldwide media home Walt Disney to type a three way partnership having a valuation of over Rs 70,000 crore.

The enterprise was shaped after merging the media and JioCinema companies of Viacom18 into Star India. It has allotted shares to Viacom18 and RIL as consideration for the belongings and money, respectively.