Reliance Industries, investors to buy almost 40% of Viacom18 – Economic Times

India's Reliance Industries Ltd. and other investors, including media executives James Murdoch and Uday Shankar, plan to invest more than 120 billion Indian rupees to own nearly 40% of Viacom 18 Media Private Ltd., The Economic Times (India) reported Jan. 27, citing sources.

ViacomCBS Inc., which has a 49% holding in Viacom18, may sell a part of its stake, resulting in a 10% holding, according to the sources cited by the report. Reliance Industries unit TV18 Broadcast Ltd., which owns the remaining 51% of Viacom18, may still own a majority stake.

ViacomCBS is reportedly in talks with Asia Initiatives and Reliance Industries. Asia Initiatives is a joint venture between Shankar and Lupa Systems, a private investment firm owned by Murdoch.

The parties are expected to finalize the agreement in the next two to three weeks, pursuant to which Shankar will be appointed to a significant operational position and will have a say in appointing a CEO and managers, according to the report.

As of Jan. 28, US$1 was equivalent to 75.01 Indian rupees.