Viacom18 Becomes Direct Subsidiary of Reliance Industries

Viacom18 Media, previously a subsidiary of Network18, is now a direct subsidiary of Reliance Industries following the conversion of preference shares into equity. The move increases Reliance's stake in Viacom18, enhancing its media holdings and follows the acquisition of Paramount Global’s stake and a merger with Disney's India business.

Viacom18 Media has officially transitioned to a direct subsidiary of Reliance Industries. This strategic move follows the conversion of over 24.61 crore compulsorily convertible preference shares into an equivalent number of equity shares.

Previously, Viacom18 Media operated as a material subsidiary under Network18 Media & Investments, itself a subsidiary of Reliance Industries Ltd. The transition marks a significant shift in corporate control, spearheaded by Mukesh Ambani.

The development enhances Reliance's stake in Viacom18, strengthening its position within the media industry. This comes following notable acquisitions, including a significant stake purchase from Paramount Global and a merger with Walt Disney's Indian business, creating a new media powerhouse.

(With inputs from agencies.)