Reliance In Talks To Raise $1.6 Billion As Viacom Looks To Reduce Stake: Report
NDTV
Reliance Industries is in talks with investors to raise up to $1.6 billion for its broadcasting business as its partner, ViacomCBS, looks to pare its interest in the joint venture, two sources told Reuters on Thursday.
India's Reliance Industries is in talks with investors to raise up to $1.6 billion for its broadcasting business as its partner, ViacomCBS, looks to pare its interest in the joint venture, two sources told Reuters on Thursday.
Reliance is holding talks with an investment company set up by James Murdoch, son of media mogul Rupert Murdoch, and former Disney India executive Uday Shankar to together pick up a significant stake in the Viacom18 joint venture, one of the sources with direct knowledge said.
Currently, Reliance holds a 51% stake in Viacom18, with ViacomCBS holding the rest. Viacom18 runs several TV channels in India, including Nickelodeon and Comedy Central.
If the deal materializes, Reliance would continue holding a majority stake, while ViacomCBS's stake is likely to fall to 10% , according to Indian media, which first reported the deal talks earlier on Thursday.
