Paramount in talks to sell stake in Viacom18Media to Reliance: Report

 New York-based media company, Paramount Global is in talks to sell its minority stake in Viacom18Media Pvt to Mukesh Ambani’s Reliance, said a media report.

Paramount Global holds a 13% stake in Viacom18.  

The talks are reportedly in their advanced stages, said people privy to the matter.

Paramount, which is currently trying to reduce its debts through the sale of assets like Simon & Schuster book publishing arm, could reportedly generate $550 million through the stake.

Recently, Viacom 18 Media Private Limited and The Walt Disney Company today announced the signing of binding definitive agreements to form a joint venture(JV) that will combine the businesses of Viacom18 and Star India.

The transaction values the JV at ?70,352 crore (US$ 8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals.