Viacom18 Media has officially become a direct subsidiary of Reliance Industries, following the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares. Previously, Viacom18 was a material subsidiary of Network18 Media & Investments Ltd, which is itself a subsidiary of Reliance Industries Ltd (RIL).
On December 30, 2024, Reliance Industries, led by billionaire Mukesh Ambani, completed the conversion of 24,61,33,682 CCPS into equity shares, as approved by the shareholders of Network18. As a result, Viacom18 is now a direct subsidiary of RIL, effective from December 30, 2024, and has ceased to be a subsidiary of Network18.
Prior to this, RIL held a 70.49 per cent stake in Viacom18 on a fully diluted basis, which included 5,57,27,821 equity shares and the aforementioned CCPS. With the conversion completed, Network18 no longer holds control over Viacom18. Following the conversion, RIL’s stake in Viacom18 now stands at 83.88 per cent of the total equity share capital, maintaining its fully diluted holding at 70.49 per cent.
Earlier in March 2024, RIL acquired a 13.01 per cent stake in Viacom18 from Paramount Global for Rs 4,286 crore, increasing its overall stake in the company to 70.49 per cent. Furthermore, in November 2024, RIL completed the merger of its media assets with Walt Disney’s India business, creating a joint venture valued at over Rs 70,000 crore. This merger combined the media and JioCinema businesses of Viacom18 with Star India, with shares allocated to both Viacom18 and RIL as part of the deal.
