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Reliance buys Paramount’s stake in Indian media Viacom18 for $517 million
Paramount Global has reached a binding agreement to sell its stake in Reliance-controlled Indian media house Viacom18 to Reliance for $517 million, both Paramount Global has reached a binding agreement to sell its stake in Indian media house Viacom18 to conglomerate Reliance for $517 million.
Paramount Global has reached a binding agreement to sell its stake in Reliance-controlled Indian media house Viacom18 to Reliance for $517 million, both companies said Wednesday. The joint venture stands to capture about 85% of the country’s on-demand streaming service audience and about half of the TV viewers, according to analysts, posing bigger challenges to Netflix, Amazon’s Prime Video, Apple, Sony and Zee. The merger, which is scheduled to complete by March of 2025, will have exclusive digital and broadcast rights to some of the key sporting events — including the next four years of popular cricket tournament IPL, flagship ICC events, domestic Indian cricket, FIFA World Cup, Premier League, and Wimbledon.
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