Reportedly, Paramount Global is in talks to sell Reliance Industries, owned by Mukesh Ambani, a part in its media joint venture in India.
According to a Bloomberg article, Paramount may be able to reduce its debt by up to $550 million with the sale of the Viacom18 stake. The report also stated that the negotiations are apparently still in progress and might not conclude in an agreement.
In 2022, Reliance outbid Disney through Viacom 18 for the rights to stream the Indian Premier League. Reliance and Disney reached an agreement last month to buy Disney's Indian operations, becoming a $8.5 billion media conglomerate that produces everything from news and sports content to movies and television shows.
It is anticipated that the merger will harm rivals like Netflix Inc. and Prime Video+miniTV from Amazon.com Inc.
Traditional broadcasters will be impacted by the combined company's dominance of the Indian advertising industry, according to a research note released last week by Karan Taurani, senior vice president of Elara Securities India Pvt.
According to a Bloomberg article, Paramount may be able to reduce its debt by up to $550 million with the sale of the Viacom18 stake. According to reports, the negotiations are still ongoing and might not produce a deal.
