 "Reliance")
Reliance and Viacom18 on Wednesday announced a strategic partnership with Bodhi Tree Systems -- a platform of James Murdoch's Lupa Systems and Uday Shankar -- to form one of the largest TV and digital streaming companies in India.
Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India's leading entertainment platform and pioneer the Indian media landscape's transformation to a "streaming-first" approach.
Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan-India presence.
The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.
Reliance Projects and Property Management Services, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs 1,645 crore.
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In addition, the popular JioCinema OTT app will be transferred to Viacom18.
Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company comprised of iconic content studios, TV networks and streaming services including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content, a statement said.
"We are very excited to partner with Bodhi Tree and lead India's transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership," said Mukesh D Ambani, Chairman and Managing Director of Reliance Industries.
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