Entertainment network Viacom18 Media Pvt Ltd. has announced that following the sanction by NCLT Mumbai, the scheme of merger of Reliance Storage Ltd. with itself has become effective and Viacom18 has allotted shares to Bodhi Tree Systems and RIL group entities as consideration for the scheme of merger.
Upon consummation of this merger, the integration of JioCinema into Viacom18 has been completed; and Viacom18 has access to ₹15,145 crore of cash for its planned growth, comprising ₹10,839 crore contributed by RIL group entities and ₹4,306 crore contributed by Bodhi Tree Systems, Viacom18 said in a statement.
Qatar Investment Authority (QIA), the sovereign wealth fund of Qatar, is an investor in Bodhi Tree Systems.
As a consequence of the closing of the transactions, the shareholding of Viacom18 on fully diluted basis will be: RIL group entities – 60.37%; TV18 – 13.54%; Bodhi Tree – 13.08%; Paramount Global – 13.01%.
“The partnership will enable Viacom 18 to innovate and disrupt the M&E sector, with Uday Shankar and James Murdoch providing strategic and operational guidance to Viacom 18, leveraging their track-record of building iconic media businesses,” Viacom18 said in the statement.
Uday Shankar, the former chairman of Star India and The Walt Disney Company India has been appointed to the Board of Viacom18. Paramount Global will continue as a shareholder and supply Viacom18 its premium global content.
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