Viacom18 announced on Thursday that the integration of JioCinema with Viacom18 has been completed. This is after James Murdoch and Uday Shankar-backed Bodhi Tree received a formal nod for its strategic partnership with Reliance and Viacom18.
In a press release, Viacom18 said, “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 the consummation of this merger, 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.
After the closing of the merger, the equity share of Viacom18 will be as follows: TV18 (50.99 per cent), Paramount Global (48,99 per cent), Bodhi Tree (0.011 per cent). “CCPS: RIL group entities – 82.2 per cent; Bodhi Tree – 17.8 per cent. Fully diluted basis: RIL group entities – 60.37 per cent; TV18 – 13.54 per cent; Bodhi Tree – 13.08 per cent; Paramount Global – 13.01 per cent,” the press release added further.
“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. Uday Shankar has been appointed to the Board of Viacom18. Paramount Global will continue as a shareholder and supply Viacom18 its premium global content. This unique partnership brings together India’s biggest conglomerate, two of the most recognized media industry veterans and a leading global media and entertainment company,” the press release said.
Published on April 13, 2023
