Paramount to sell Viacom 18 equity interest to India’s Reliance for $517M

On March 13, certain subsidiaries of Paramount Global (PARA) entered into a transfer agreement with Reliance Industries under which the Paramount subsidiaries agreed to sell, and Reliance agreed to purchase, the Paramount subsidiaries’ entire 13.01% equity interest in Viacom 18 for an aggregate purchase price of 42,86,00,00,000 Indian rupees, which is equivalent to approximately $517M based on the current foreign exchange rate..The closing of the Transaction is subject to the satisfaction of certain customary conditions, including receipt of applicable regulatory approvals, as well as the completion of a previously announced joint venture involving Reliance, Viacom18, and Star Disney (DIS). After the closing, Paramount will continue to license its content to Viacom18. This information was taken from a company 8K filing.