Media baron James Murdoch to invest $1.8 billion in Reliance's Viacom18 network
New Delhi: To remain in the contest of the media streaming business which has grown leaps & bounds among Indian viewers. No company wants to miss that pie of video streaming revenue since the streaming platforms have gained viewers' attention during the Covid-19 lockdown. When the majority of big movies and web series were launched on the streaming platform and their demand increased as it emerged as a great tool for people to keep themselves entertained during the lockdown.
Bodhi Tree Systems, an investment company founded by Rupert Murdoch's son James and former Disney India chief Uday Shankar, has announced an investment in Reliance Industries' broadcasting business Viacom18. Bodhi Tree Systems on Wednesday said it will invest $1.8 billion (about Rs 13,500 crore) in Viacom 18.
Mukesh Ambani, chairman of Reliance Industries, said that the partnership will help in making an edge in the streaming market. Currently, Reliance holds 51% stake in Viacom 18 and the rest is with ViacomCBS, which has recently changed its name to Paramount Global. Reliance’s Viacom 18 runs a famous streaming platform Voot and it also operates TV channels like Nickelodeon and Comedy Central.
It is not yet known how Viacom 18's management structure will be structured post the proposed investment. However, Paramount Global is expected to retain its stake and continue to supply global content.
Reliance created history
Meanwhile, in yesterday’s trade the market valuation of Reliance reached to Rs 19 lakh 12 thousand and 814 crores. Reliance became the first company in India to touch the staggering market valuation of Rs 19 lakh crore.