Bodhi Tree Systems, backed by James Murdoch and former Star and Disney India head Uday Shankar, is set to raise and invest ₹13,500 crore in Viacom18, a 51:49 joint venture between Reliance Industries Ltd-owned TV18 and Paramount Global (formerly known as ViacomCBS). Reliance Projects & Property Management Services Ltd, a wholly owned subsidiary of Reliance Industries, will also invest ₹1,645 crore in Viacom18. Additionally, RIL will transfer its JioCinema OTT app to Viacom18, the companies said in a statement on Wednesday.
The partnership aims to “lead India’s transition to a streaming first media market,” RIL chairman Mukesh Ambani said in the statement.
Bodhi Tree Systems will lead a fundraising exercise with a consortium of investors, which will help Viacom18 bid aggressively for the upcoming media rights of the Indian Premier League, insiders said.
The statement confirmed that Paramount will continue as a shareholder of Viacom18.