- Saturday, January 04, 2025
On December 30, Reliance Industries converted 246.1 million compulsorily convertible preference shares into equity shares, after approval from Network18 shareholders
By: India Weekly
VIACOM18 MEDIA, a leading media and entertainment company, has become a direct subsidiary of Reliance Industries following the conversion of over 246.1 million compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares.
Earlier, Viacom18Media was a material subsidiary of Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).
On December 30, billionaire Mukesh Ambani-led RIL converted 246,133,682 CCPS into the equivalent of a share, following approval granted by 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 allotment of equity shares from Viacom18 on December 30, 2024,” said RIL in a regulatory filing.
Earlier, RIL was holding a 70.49 per cent stake in Viacom18 Media on a fully diluted basis.
Following this conversion, Network18 ceases to exercise control over Viacom18, said RIL.
“Post this conversion, the company holds 83.88 per cent of the total equity share capital of Viacom18 and continues to hold 70.49 per cent on a fully diluted basis,” RIL said.
In March 2024, RIL had acquired Paramount Global’s 13.01 per cent stake in Viacom18 for ₹42.86 billion (£398.15m). After this, RIL’s holding in Viacom18 had increased to 70.49 per cent.
On November 14, 2024, RIL completed the merger of its media empire with the India business of the global media house Walt Disney to form a joint venture having a valuation of over ₹700 billion (£6.50bn).
The venture was formed after merging the media and JioCinema businesses of Viacom18 into Star India. It has allotted shares to Viacom18 and RIL as consideration for the assets and cash, respectively. (PTI)
