Viacom18 Media, a media and entertainment company, has become a direct subsidiary of Reliance Industries (RIL). This shift follows the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares.
On December 30, Reliance Industries converted 24,61,33,682 CCPS into an equivalent number of equity shares, following approval from the shareholders of Network18. Previously, Viacom18 was a material subsidiary of Network18 Media & Investments Ltd, which itself was a subsidiary of Reliance Industries.
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“Consequently, Viacom18 has become a subsidiary of the company effective December 30, 2024, and has ceased to be a subsidiary of Network18. The company received intimation of allotment of equity shares from Viacom18 on December 30, 2024,” said RIL in a regulatory filing.
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Previously, Reliance Industries held a 70.49 percent stake in Viacom18 Media on a fully diluted basis. The filing also stated that it included 5,57,27,821 equity shares and 24,61,33,682 CCPS, adding that Viacom18 was a material subsidiary of Network18 Media & Investments Limited (‘Network18’).
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Following the conversion, RIL stated that Network18 no longer exercises control over Viacom18 RIL added, “After this conversion, the company holds 83.88 percent of Viacom18’s total equity share capital and continues to hold 70.49 percent on a fully diluted basis,”.
In March 2024, RIL acquired Paramount Global’s 13.01% stake in Viacom18 for Rs 4,286 crore, increasing its holding to 70.49 per cent. On November 14, 2024, RIL completed a merger of its media empire with Walt Disney’s India business, forming a joint venture valued over Rs 70,000 crore. The venture combined Viacom18’s media and JioCinema businesses with Star India, allocating shares to Viacom18 and RIL in exchange for assets and cash
(With PTI Inputs)
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