Media conglomerate Viacom18 Media has become a subsidiary of Reliance Industries effective December 30, 2024, after the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares. Earlier, Viacom18 Media had been a material subsidiary of Network18 Media & Investments Ltd, a subsidiary of Reliance Industries Ltd (RIL).
Share prices of Nestle India, Asian Paints, Bandhan Bank, Tata Technologies, AU Small Finance Bank and Avenue Supermarts, all a part of the BSE 500 index, have hit their respective 52-week lows on the BSE in Thursday's intra-day trade after a sharp correction in the equity markets.
Billionaire Mukesh Ambani-led Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney and formed a joint venture with a valuation of over Rs 70,000 crore. The JV will be one of the largest media and entertainment companies in India with a combined revenue of approximately Rs 26,000 crore and will be led by Nita Ambani as its chairperson, according to a joint statement.
RIL has also appointed McKinsey senior advisor Adil Zainulbhai as independent director and Network 18 Media & Investments (NW18) former promoter Raghav Bhel as a non-executive director on the NW18 Board.
In the biggest ever deal in the Indian media sector, RIL will acquire control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd.
The growth was led by family-owned companies and business groups with presence in pharmaceuticals, information technology services, and consumer products.
Reliance Industries Ltd plans to sell a 3.1 per cent stake, worth $32 million at the current market price, in unit Network18 Media & Investments.
Apart from a stake buy, some other options on the table include a merger of the entertainment businesses of Sony and Network18 Media.
From Network18 perspective, this helps reduce dependence on ads and helps especially in times of slower GDP growth.
RIL has completed Network 18s open offer after four months of acquiring the latter.
Sun Pharma dipped 2% to Rs 615 on the BSE, its lowest level since November 9, 2016
An industry source said Reliance Industries did not have a controlling stake in Yatra.com through its acquisition of Network 18. It was just a financial investment.
The year 2014 has been an eventful one for India. The country got a new government and a new state, broke new frontiers in various fields and of course its share of controversies.
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