 "Viacom18")
Viacom18 on Thursday announced that the merger between Reliance Storage Limited has become effective, following the sanction by the National Company Law Tribunal (NCLT), Mumbai.
Viacom18 Media Pvt. Ltd. is one of India’s fastest-growing entertainment networks that offers multi-platform, multi-generational, and multicultural brand experiences. It defines entertainment in India by touching the lives of people through its properties on air, online, on the ground, in cinemas, and merchandise. Its portfolio of 38 channels across general entertainment, movies, sports, youth, music, and kids genres delights consumers across the country with its eclectic mix of programming.
In a statement released by Viacom18, the company has allotted shares to Bodhi Tree Systems and Reliance Industries Limited (RIL) group entities as consideration for the merger scheme. With the completion of this merger, JioCinema's integration into Viacom18 has been completed successfully.
The company now also has access to Rs.15,145 crore of cash for its planned growth, comprising Rs.10,839 crore contributed by RIL group entities and Rs. 4,306 crore contributed by Bodhi Tree Systems.
The partnership will enable Viacom18 to disrupt and create innovations in the Media & Entertainment sector. The firm will receive strategic and operational guidance from Uday Shankar, who has been appointed to the Board of Viacom18, and James Murdoch, said the company in a statement.
Paramount Global continues to be a shareholder and supplies its premium global content to Viacom18.
IPL's first-weekend viewership on JioCinema crossed the digital viewership recorded in the entire season last year. It also has sent several new records including 25 million+ app downloads in a single day, 1470 million video views on the opening weekend, and a peak concurrency of 16 million for the first match.
