Paramount Global is reportedly in discussions to sell its media joint venture in India stake to Mukesh Ambani’s Reliance Industries
A sale of the Viacom18 position, according to Bloomberg report, could generate as much as $550 million that Paramount could use toward debt reduction. The talks reportedly are still going ongoing and may not result in a deal, the report added.
Reliance had in 2022 outbid Disney via Viacom 18 to win IPL streaming rights. Last month, Reliance agreed to acquire Disney’s India business, creating an $8.5 billion media giant ranging from film and television production to news and sports content.
The merger is expected to hurt competitors such as Netflix Inc. and Amazon.com Inc’s Prime Video+miniTV.
The merged company will command the lion’s share of India’s advertising market, affecting traditional broadcasters, Karan Taurani, senior vice president, Elara Securities India Pvt, said in a research note last week.
