Viacom18 Media is now a direct subsidiary of Reliance Industries, following the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equal number of equity shares.
In a regulatory filing, RIL stated, “Pursuant to the approval granted by the shareholders of Network18 under Regulation 24(5) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 for Viacom18 ceasing to be a subsidiary of Network18 and Network18 ceasing to exercise control over Viacom18, the Company has on December 30, 2024 converted the 24,61,33,682 CCPS into 24,61,33,682 equity shares.”
Post this conversion, the Company holds 83.88% of the total equity share capital of Viacom18 and continues to hold 70.49% on a fully diluted basis. Consequently, Viacom18 has become a subsidiary of the Company effective December 30, 2024 and has ceased to be the subsidiary of Network18.
Viacom18, which was previously a significant subsidiary of Network18 Media and Investments, operated under the umbrella of Reliance Industries. This change, approved by Network18 shareholders, marks the official end of Network18’s control over Viacom18.
On November 14, 2024, Reliance Industries finalised the merger of its extensive media empire with the India operations of global media giant Walt Disney, establishing a joint venture valued at over Rs 70,000 crore.
The venture was created through the merger of Viacom18’s media and JioCinema businesses with Star India. As part of the arrangement, shares have been allocated to Viacom18 and Reliance in exchange for their respective contributions of assets and cash.
