TV18 Completes Control of Viacom18

TV18 now holds the controlling stake in Viacom18, after completing the purchase of an extra 1 percent in its Indian joint venture with Viacom. With this acquisition, the company has acquired control and now holds 51 percent of the equity share capital of Viacom18. US partner Viacom will receive Rs. 1300 (USD 20 million) for reducing its stake to 49 percent in the Rs. 13,000 crore (USD 2 billion) media venture, which operates 44 TV channels, a film unit, and the over-the-top (OTT) business VOOT. A brand and content licensing agreement between Viacom and Viacom18 has also been extended by 10 years. TV18’s parent company Network18, which is controlled by Reliance Industries, has identified key areas of synergy with its sister firm, the rapidly growing Reliance Jio.

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