Paramount Global Sells Stake In Viacom18 To India’s Reliance For $500 Million
deadline.comParamount Global has sold its 13% equity interest in Viacom18 Media to Indian conglomerate Reliance Industries for the equivalent $517 million.
The close of the transaction, revealed in an SEC filing, is subject to regulatory approval and the completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney.
After the closing, Paramount will continue to license its content to Viacom18. The move provides the Bob Bakish led, Shari Redstone-owned company, struggling with high debt and streaming losses, with an infusion of fresh cash.
It’s in line with Paramount’s strategy of divesting assets it considers non-core as it has with publisher Simon & Schuster, mixed martial arts promoter Bellator, real estate and other businesses.
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