Reliance to buy 13% of Paramount's stake in India TV business for $517 million

Paramount Global has agreed to sell its 13% stake in its Indian TV business to Reliance Industries for $517 million.

The deal comes after Reliance and Walt Disney agreed to merge their TV properties in the country last month, in a deal that valued the combined business at $8.5 billion.

This transaction is subject to completion of Reliance's merger with Disney.

Reliance and Paramount were partners in Viacom 18 Media Private Ltd., which owns a number of TV channels in the region.

Paramount will continue to license its programming to Viacom 18, according to a filing Wednesday by the US company.

Paramount, the parent of CBS, Nickelodeon and other networks, has been looking to reduce its debt by selling noncore assets like its Simon & Schuster book publishing arm. Bloomberg News reported earlier on the company’s talks to sell its Indian TV stake.