Paramount in talks to sell India TV stake to Mukesh Ambani's Reliance?

Paramount Global is reportedly in discussions to sell its media joint venture in India stake to Mukesh Ambani’s Reliance Industries

A sale of the Viacom18 position, according to Bloomberg report, could generate as much as $550 million that Paramount could use toward debt reduction. The talks reportedly are still going ongoing and may not result in a deal, the report added.

Reliance had in 2022 outbid Disney via Viacom 18 to win IPL streaming rights. Last month, Reliance agreed to acquire Disney’s India business, creating an $8.5 billion media giant ranging from film and television production to news and sports content.

The merger is expected to hurt competitors such as Netflix Inc. and Amazon.com Inc’s Prime Video+miniTV.

The merged company will command the lion’s share of India’s advertising market, affecting traditional broadcasters, Karan Taurani, senior vice president, Elara Securities India Pvt, said in a research note last week.