In a significant development for the Indian entertainment industry, Reliance Industries, through its subsidiary Reliance Projects and Property Management Services, has entered into a strategic partnership with Viacom18, an investment platform backed by James Murdoch’s Lupa Systems and former Disney executive Uday Shankar. The collaboration aims to transform the Ambani-backed network, which operates over three dozen television channels in nine languages and streaming services, into one of the largest TV and digital streaming companies in India.
A $1.78 Billion Investment
As part of the partnership, Bodhi Tree is investing $1.78 billion in Viacom18. This investment is a significant vote of confidence in the potential of the Indian media market and reflects the growing importance of streaming services in the country. The collaboration will also see JioCinema, an on-demand video streaming service owned by Reliance, transferred to Viacom18.
Paramount Global’s Continued Involvement
Paramount Global, formerly known as ViacomCBS, will continue to be a shareholder and supply its large catalog of global content to Viacom18. This partnership will enable Viacom18 to expand its offerings and provide Indian audiences with access to high-quality international content.
A Consolidated Market
The Wednesday’s announcement comes at a time when India’s entertainment and sports broadcasters industry is undergoing consolidation. Zee Entertainment and Sony merged last year to create one of India’s largest media conglomerates. The partnership between Reliance, Viacom18, and Bodhi Tree is expected to further consolidate the market and pave the way for increased competition.
A Track Record of Success
James Murdoch and Uday Shankar, through Lupa Systems, have a proven track record of success in shaping the media ecosystem in India. They were instrumental in helping Disney’s Hotstar enter the streaming business and accumulate hundreds of millions of users. Their expertise will be invaluable in transforming Viacom18 into one of the largest TV and digital streaming companies in India.
A $216 Million Investment
Reliance Projects and Property Management Services, a wholly owned subsidiary of Reliance Industries, is additionally investing $216 million in Viacom18. This investment reflects Reliance’s commitment to the partnership and its confidence in the potential of the Indian media market.
A Statement from Mukesh Ambani
"James and Uday’s track record is unmatched," said Mukesh Ambani, chairman and managing director of Reliance Industries, in a statement. "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."
The Deal’s Expected Timeline
The deal is expected to close within six months. The partnership between Reliance, Viacom18, and Bodhi Tree is set to revolutionize the Indian entertainment industry and provide Indian audiences with access to high-quality content.
A Growing Market
India is one of the world’s fastest-growing internet markets, with over 1 billion screens available for streaming services. The partnership between Reliance, Viacom18, and Bodhi Tree reflects the growing importance of streaming services in India and the potential for increased competition in the market.
Conclusion
The strategic partnership between Reliance, Viacom18, and Bodhi Tree is a significant development for the Indian entertainment industry. With a $1.78 billion investment and a focus on transforming Viacom18 into one of the largest TV and digital streaming companies in India, this collaboration has the potential to revolutionize the market.
A New Era for Indian Entertainment
The partnership between Reliance, Viacom18, and Bodhi Tree marks the beginning of a new era for Indian entertainment. With increased competition and access to high-quality content, Indian audiences are set to benefit from this significant development in the industry.
