Viacom18 Media, a leading media and entertainment company, has become a direct subsidiary of Reliance Industries following the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares.
Previously, Viacom18 Media was a material subsidiary of Network18 Media & Investments Ltd, which is a subsidiary of Reliance Industries Ltd (RIL).
On December 30, billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into an equivalent number of shares, following approval from the shareholders of Network18.
"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 the allotment of equity shares from Viacom18 on December 30, 2024," RIL stated in a regulatory filing.
Previously, RIL held a 70.49% stake in Viacom18 Media on a fully diluted basis.
"This comprised 5,57,27,821 equity shares and 24,61,33,682 CCPS. Viacom18 was a material subsidiary of Network18 Media & Investments Limited ('Network18')," it added.
Following this conversion, Network18 no longer exercises control over Viacom18, according to RIL.
"After this conversion, the company holds 83.88% of the total equity share capital of Viacom18 and continues to hold 70.49% on a fully diluted basis," RIL stated.
In March 2024, RIL acquired Paramount Global’s 13.01% stake in Viacom18 for Rs 4,286 crore. Following this, RIL's holding in Viacom18 increased to 70.49%.
On November 14, 2024, RIL completed the merger of its media empire with the India business of global media house Walt Disney, forming a joint venture valued at over Rs 70,000 crore. The venture was created by merging the media and JioCinema businesses of Viacom18 with Star India. Shares were allotted to Viacom18 and RIL as consideration for the assets and cash, respectively.
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