Reliance Industries has agreed to buy the 13% stake owned by Paramount Global in Viacom18 Media for Rs 4,286 crore, according to a news report citing RIL's regulatory filing.

According to the report, the two parties have reached a binding agreement to acquire 13.01% of the equity stake (on a fully diluted basis) of Viacom18 Media, which is currently with Paramount Global's two subsidiaries.

With the purchase, Reliance's equity stake in Viacom18 will increase to 70.49% on a fully diluted basis, said the report.

Presently, Reliance has the Compulsorily Convertible Preference Shares of Viacom18, with a 57.48% equity stake.

Viacom18 was formed as the joint venture (JV) between Reliance Industries-backed TV18 and Paramount Global.

Paramount has reportedly upheld its commitment to continue licensing its content to Viacom18 after the deal is concluded.