Mumbai: Mukesh Ambani’s Reliance Industries is all set to acquire Paramount’s 13 percent stake in Viacom18 for $517 million. This acquisition elevates Reliance’s stake in India’s media landscape.
The transaction comes shortly after Disney merged its India business with Viacom18, a move expected to create a joint venture valued at $8.5 billion.
Analysts project that the joint venture stands to capture a significant portion of India’s on-demand streaming service audience from competitors like Netflix, Amazon Prime, Apple, Sony, and Zee. Moreover, the merger grants exclusive digital and broadcast rights to major sporting events, including the IPL cricket tournament, ICC events, FIFA World Cup, Premier League, and Wimbledon.
The combined unit is anticipated to reach over 750 million viewers across India, positioning itself as a major player in the South Asian market. This development comes at a time when other media giants, such as Sony, have faced setbacks in their attempts to expand in India.
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