Reliance, Viacom18, Bodhi Tree in deal to form TV, streaming company in India

Reliance Projects & Property Management Services Ltd., a unit of India's Reliance Industries Ltd., entertainment network Viacom 18 Media Pvt. Ltd. and Bodhi Tree Systems signed a strategic partnership to establish a TV and digital streaming company in India.

Under the terms of the deal, Bodhi Tree Systems — a platform owned by businessman James Murdoch's Lupa Systems LLC and Uday Shankar — along with a consortium of investors, will invest approximately $1.78 billion in Viacom18, according to an April 27 release. Reliance Projects will invest about $216 million.

Additionally, the JioCinema over-the-top app will be transferred to Viacom18. Paramount Global will remain a shareholder of Viacom18 and will continue to supply its premium global content to Viacom18.

The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.

Cyril Amarchand Mangaldas and Khaitan & Co. provided legal advice and documentation support to Reliance Projects and Viacom18. HSBC was the financial adviser to Reliance Projects. AZB & Partners was the legal adviser to Bodhi Tree Systems while EY provided diligence services. JSA served as the legal adviser to Paramount Global.