Reliance and Viacom18 on Wednesday announced a mouthwatering and potentially disrupting strategic partnership with Bodhi Tree Systems, which is a platform of James Murdoch’s Lupa Systems and Uday Shankar, to form one of the largest TV and digital streaming companies in India.

The partnership is clearly aimed at rejuvenating Viacom18 and transform it into a mainly-digital-streaming conglomerate in a possible move to counter global and nimble outfits like Amazon and Apple—- bagging the IPL media rights could be one of the first salvos fired before the deal is closed within six months.

Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore ( approx $ 1.78 billion) in Viacom18, to jointly build India’s leading entertainment platform and pioneer the media landscape’s transformation to a “streaming-first” approach, the companies involved said in a joint press release.

Viacom18 owns and operates the suite of Colors TV channels and OTT platform VOOT.

Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries —- that has significant presence in television, OTT, distribution, content creation, and production services —- will invest Rs 1,645 crore.

In addition, the popular JioCinema OTT app will be transferred to Viacom18.

US headquartered Paramount Global (formerly known as ViacomCBS)—- a leading global media and entertainment company comprising iconic content studios, TV networks and streaming services including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV —- will continue as a shareholder of Viacom18 and will continue to supply the joint venture its premium global content.

Bodhi Tree Systems, a newly formed platform between Lupa Systems Founder and CEO James Murdoch and former president of The Walt Disney Company Asia Pacific and former Chairman of Star and Disney India Uday Shankar, will leverage the partners’ shared track record of building iconic businesses and shaping the media landscape in India and globally, the statement said.

Qatar Investment Authority, the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.

Speaking about the partnership, Mukesh D Ambani, CMD of Reliance Industries Limited, said, “James and Uday’s track record is unmatched. For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia, and around the world. We are very excited to partner with Bodhi Tree and lead India’s transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership.”

“We could not be more pleased to announce our new partnership,” Murdoch and Shankar said in a joint statement, adding, “Our ambition is to leverage technology advances, particularly in mobile, to provide meaningful solutions to meet everyday media and entertainment needs at scale. We seek to reshape the entertainment experience across more than 1 billion screens.”

Upon closing, Viacom18, in close cooperation with Reliance, Bodhi Tree Systems and Paramount Global, will shape a vision, strategy, and execution for its businesses, building on the strong existing foundation. Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan India presence.

The transaction is expected to close within six months and is subject to closing conditions and requisite regulatory approvals.

Viacom18 Media Pvt. Ltd. is one of India’s fastest growing entertainment networks and a house of iconic brands that offers multi-platform, multi-generational and multicultural brand experiences.

Reliance Projects & Property Management Services Limited is a wholly owned subsidiary of Reliance Industries Limited, India’s largest private sector company. The company is inter alia involved in the business of running media related digital platforms and in providing IT/ITES Support Services.

Bodhi Tree Systems is a strategic investor in consumer technology opportunities in Southeast Asia, with a particular focus on India. The entity is a platform of James Murdoch’s Lupa Systems and Uday Shankar and was established in 2021 to explore and invest in Southeast Asia and the Middle East. In addition to media, Bodhi Tree expects to invest in other consumer technology sectors that represent significant opportunities but suffer from a lack of capital and innovation – including healthcare and education.

Lupa Systems is a private holding company founded in 2019 by James Murdoch. The company has presence in New York and Mumbai. Collectively, the Lupa team has extensive experience building and scaling businesses across the globe in multiple industries. Lupa focuses on companies within the technology and media industries, impact-driven companies focused on environmental sustainability, and emerging markets, particularly within the Indo-Pacific region.