Paramount Global is selling a 13% stake in Viacom18 to Indian mogul Mukesh Ambani’s majority owner Reliance Industries in a transaction valued at $517m.
According to a Securities and Exchange Commission filing Paramount Global will continue to license its film and TV series to Viacom18.
The Viacom18 stable encompasses streaming platform JioCinema, a big platform on the subcontinent, as well as 38 channels of film, series, sports and music.
The transaction is subject to regulatory approval.
Paramount Global, led by Bob Bakish (pictured), is looking to cut costs. The media congomerate carries significant debt and streaming losses as it attempts to build up the Paramount+ platform.
In October it sold publishing house Simon & Schuster to private equity company KKK for $1.62bn. It also sold its stake in MMA promotor Bellator to Professional Fighters League for an undisclosed amount.
Disney and Reliance Industries recently formed a television and streaming joint venture following an $8.5bn deal combining Viacom18 and Star India.
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