India’s Reliance Industries has announced a deal to acquire Paramount Global’s 13.01 per cent stake in indian entertainment network Viacom 18 Media for IDR 42.86 billion (€472.4bn), according to Paramount’s regulatory filing.

Viacom18 is majority-owned by Reliance and has 40 television channels, including Comedy Central, Nickelodeon and MTV.

Paramount said it will continue to license its content to Viacom18 after the closing of the deal. It already streams its content through Reliance’s JioCinema.

The transaction is also subject to the completion of Reliance’s $8.5 billion merger with Walt Disney announced in February for their India TV and streaming media assets.

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Tags: india, paramount, Viacom, Viacom 18