Earlier, Viacom18 Media had been a material subsidiary of Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).
Consequently, Viacom18 has become a subsidiary of the Company effective December 30, 2024, and has ceased to be a subsidiary of Network18.
The company received intimation of allotment of equity shares from Viacom18 on December 30, 2024, said RIL in a regulatory filing.
On December 30, billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into equivalent of share, making it a direct subsidiary.
RIL was holding a 70.49 per cent stake in Viacom18 Media on a fully diluted basis.
“This comprised 5,57,27,821 equity shares and 24,61,33,682 compulsorily convertible preference shares (‘CCPS’).
“Viacom18 was a material subsidiary of Network18 Media & Investments Limited (‘Network18’),” it said.
Pursuant to the approval granted by the shareholders of Network18 for Viacom18 ceasing to be a subsidiary of Network18 and Network18 ceasing to exercise control over Viacom18, the company has on December 30, 2024 converted the 24.61 crore CCPS into an equivalent number of equity shares.
“Post this conversion, the Company holds 83.88 per cent of the total equity share capital of Viacom18 and continues to hold 70.49 per cent on a fully diluted basis,” RIL said.
On November 14, RIL completed the merger of its media empire with the India business of the global media house Walt Disney to form a Joint Venture having a valuation of over Rs 70,000 crore.
The venture was formed after merging the media and JioCinema businesses of Viacom18 into Star India.
It has allotted shares to Viacom18 and RIL as consideration for the assets and cash, respectively. Rediff