Paramount Sells Its Indian TV Business Stake to Reliance for $517 Million

Paramount Global agreed to sell its 13% stake in its Indian TV business to its partner, Reliance Industries Ltd., for $517 million.

The deal comes after Reliance and Walt Disney Co. agreed to merge their TV properties in the country last month, in a deal that valued the combined business at $8.5 billion.

Reliance and Paramount were partners in Viacom 18 Media Private Ltd., which owns a number of TV channels in the region. Paramount will continue to license its programming to Viacom 18, according to a filing Wednesday by the US company.

Read the source article at Yahoo Finance