In a significant move reshaping the media landscape, Viacom18 Media, one of India’s leading media and entertainment entities, has become a direct subsidiary of Reliance Industries Limited (RIL). This transition follows the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares, PTI reported.

Previously, Viacom18 Media was a material subsidiary of Network18 Media & Investments Ltd., itself a subsidiary of Mukesh Ambani-led RIL. On December 30, 2024, RIL received shareholder approval to convert 24,61,33,682 CCPS into equity shares. This strategic conversion shifted control directly to Reliance Industries.

“Consequently, Viacom18 has become a subsidiary of the company effective December 30, 2024, and has ceased to be a subsidiary of Network18,” RIL disclosed in a regulatory filing.

Before the conversion, RIL held a 70.49 percent stake in Viacom18 on a fully diluted basis, consisting of 5,57,27,821 equity shares and 24,61,33,682 CCPS. Following the transaction, RIL now holds 83.88 percent of Viacom18’s equity share capital, while maintaining its 70.49 percent stake on a fully diluted basis.

This development effectively ends Network18’s control over Viacom18, aligning the media company directly under Reliance Industries’ vast corporate umbrella.

This move follows a series of strategic acquisitions and mergers by Reliance Industries to consolidate its media and entertainment footprint. In March 2024, RIL acquired Paramount Global’s 13.01 percent stake in Viacom18 for ₹4,286 crore, boosting its stake to 70.49 percent.

Further, on November 14, 2024, Reliance completed a high-profile merger between its media assets and the India business of Walt Disney, forming a joint venture valued at over ₹70,000 crore. This venture integrated Viacom18’s media and JioCinema businesses with Star India, a move that underscored RIL’s ambition to dominate the Indian media landscape.

Viacom18’s shift as a direct subsidiary positions Reliance Industries to exercise tighter control over its media and entertainment strategy. With a majority stake and robust assets, RIL is poised to drive innovation, expand its digital footprint, and challenge global competitors in the evolving media industry.

As Reliance strengthens its hold on the entertainment sector, the move signals a pivotal chapter for Viacom18, setting the stage for potential collaborations, content innovation, and market leadership in the years ahead.