New Delhi, March 14 (IANS): Reliance Industries has signed an agreement to acquire 13.01 per cent equity stake of Viacom 18 Media Private Limited (Viacom18) held by Paramount Global through its two subsidiaries for an aggregate consideration of Rs 4,286 crore.

Viacom18 is a material subsidiary of TV18 Broadcast Limited. Reliance Industries currently holds Compulsorily Convertible Preference Shares of Viacom18 representing 57.48 per cent equity stake (on a fully diluted basis).

Post the completion of this transaction, Reliance Industries equity stake in Viacom18 will increase to 70.49 per cent (on a fully diluted basis). The acquisition is not a related party transaction and none of the company’s promoter/promoter group/group companies have any interest in the acquisition, Reliance Industries said in a filing.

On February 28, Reliance Industries Limited (RIL), Viacom 18 Media Private Limited (Viacom18) and The Walt Disney Company (Disney) announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India.

As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (SIPL) through a court approved scheme of arrangement. In addition, RIL has agreed to invest at closing Rs 11,500 crore ($ 1.4 billion) into the JV for its growth strategy.