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NEW DELHI: Reliance Industries is in talks with traders to lift as much as $1.6 billion for its broadcasting enterprise as its companion, ViacomCBS, appears to be like to pare its curiosity within the three way partnership, two sources advised Reuters on Thursday.
Reliance is holding talks with an funding firm arrange by James Murdoch, son of media mogul Rupert Murdoch, and former Disney India government Uday Shankar to collectively choose up a big stake within the Viacom18 three way partnership, one of many sources with direct data stated.
Presently, Reliance holds a 51% stake in Viacom18, with ViacomCBS holding the remainder. Viacom18 runs a number of TV channels in India, together with Nickelodeon and Comedy Central.
If the deal materializes, Reliance would proceed holding a majority stake, whereas ViacomCBS’s stake is more likely to fall to 10% , in accordance with Indian media, which first reported the deal talks earlier on Thursday.
Reliance, an Indian conglomerate run by India’s richest man Mukesh Ambani, declined to remark, saying the “firm evaluates varied alternatives on an ongoing foundation.”
ViacomCBS, Murdoch and Shankar didn’t instantly reply to requests for remark.
The discussions come amid rising competitors in India’s vibrant broadcasting sector.
Sony’s India leisure unit has plans to purchase native rival Zee, merging TV channels, movie belongings and streaming platforms to change into a dominant enterprise within the sector.
Indians are quickly adopting streaming platforms together with Netflix Inc and Amazon.com Inc’s Prime Video, which have been luring customers with cheaper plans and native language content material.
Reliance is holding talks with an funding firm arrange by James Murdoch, son of media mogul Rupert Murdoch, and former Disney India government Uday Shankar to collectively choose up a big stake within the Viacom18 three way partnership, one of many sources with direct data stated.
Presently, Reliance holds a 51% stake in Viacom18, with ViacomCBS holding the remainder. Viacom18 runs a number of TV channels in India, together with Nickelodeon and Comedy Central.
If the deal materializes, Reliance would proceed holding a majority stake, whereas ViacomCBS’s stake is more likely to fall to 10% , in accordance with Indian media, which first reported the deal talks earlier on Thursday.
Reliance, an Indian conglomerate run by India’s richest man Mukesh Ambani, declined to remark, saying the “firm evaluates varied alternatives on an ongoing foundation.”
ViacomCBS, Murdoch and Shankar didn’t instantly reply to requests for remark.
The discussions come amid rising competitors in India’s vibrant broadcasting sector.
Sony’s India leisure unit has plans to purchase native rival Zee, merging TV channels, movie belongings and streaming platforms to change into a dominant enterprise within the sector.
Indians are quickly adopting streaming platforms together with Netflix Inc and Amazon.com Inc’s Prime Video, which have been luring customers with cheaper plans and native language content material.
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