Mumbai (Maharashtra) [India], April 27 (ANI): Reliance and Viacom18 as we speak introduced a strategic partnership with Bodhi Tree Methods, which is a platform of James Murdoch’s Lupa Methods and Uday Shankar, to type one of many largest TV and digital streaming firms in India.
Bodhi Tree Methods is main a fund increase with a consortium of buyers to take a position Rs 13,500 crore in Viacom18, to collectively construct India’s main leisure platform and pioneer the Indian media panorama’s transformation to a “streaming-first” method.
Viacom18 owns and operates the suite of Colours TV channels and OTT platform, VOOT.
Talking in regards to the partnership, Mukesh D Ambani, ChairmanManaging Director of Reliance Industries Restricted, stated, “James and Uday’s observe document is unmatched. For over 20 years, they’ve performed an simple function in shaping the media ecosystem in India, Asia, and around the globe. We’re very excited to associate with Bodhi Tree and lead India’s transition to a streaming-first media market. We’re dedicated to bringing the perfect media and leisure providers for Indian prospects by way of this partnership.””We couldn’t be extra happy to announce our new partnership,” Murdoch and Shankar stated. “Our ambition is to leverage expertise advances, notably in cellular, to supply significant options to satisfy on a regular basis media and leisure wants at scale. We search to reshape the leisure expertise throughout greater than 1 billion screens.”Upon closing, Viacom18, in shut cooperation with Reliance, Bodhi Tree Methods and Paramount International, will form a imaginative and prescient, technique, and execution for its companies, constructing on the sturdy present basis. Viacom18 is amongst the main gamers within the core linear tv enterprise with 38 channels throughout 9 languages and a pan India presence.
The transaction is predicted to shut inside six months and is topic to closing circumstances and requisite approvals.
Cyril Amarchand Mangaldas and KhaitanCo offered authorized advisory and documentation assist to RPPMSL and Viacom18. PWC and BDO offered impartial valuation of the Jio Cinema enterprise and Viacom18; Citi and HSBC acted as monetary advisors to TV18 and RPPMSL respectively. AZBPartners was the authorized advisor to Bodhi Tree whereas EY offered diligence providers to Bodhi Tree. JSA was the authorized advisor to Paramount International. (ANI)