NEW DELHI: An investment company set up by Rupert Murdoch's son James and former Disney India executive Uday Shankar said on Wednesday it will invest US$1.8 billion in Reliance Industries' broadcasting business Viacom18.
Reliance chairman Mukesh Ambani said the partnership will help"India’s transition to a streaming-first media market". Reliance held a 51 per cent stake in Viacom18, with ViacomCBS, which recently changed its name to Paramount Global, holding the rest. As well as streaming platform"VOOT", Viacom18 runs several TV channels in India, including Nickelodeon and Comedy Central.
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