At the
The company's market valuation stood at Rs 19,52,171.94 crore in the early trade.
In a stock exchange filing, Reliance said it has signed a binding agreement with two subsidiaries of Paramount Global to acquire 13.01 per cent equity stake of
Similarly, in a filing on the US
"After the closing, Paramount will continue to license its content to Viacom18," it added.
In its stock exchange filing, Reliance Industries Ltd (RIL) said Viacom18 is a material subsidiary of TV18 Broadcast Ltd. The company currently holds compulsorily convertible preference shares of Viacom18 representing 57.48 per cent equity stake on a fully diluted basis.
Post the completion of this transaction, the company's equity stake in Viacom18 will increase to 70.49 per cent on a fully diluted basis.