Reliance and Viacom18 have announced a strategic partnership with Bodhi Tree Systems, a platform owned by James Murdoch’s Lupa Systems and former Star & Disney India chairman Uday Shankar, to create a major TV and digital streaming company in India Can you
Bodhi Tree Systems is leading a fund-raising investment of ₹13,500 crore in Viacom18 to jointly build India’s leading entertainment platform.
Viacom18 owns and operates a suite of Colors TV channels and OTT platform Voot.
Reliance Projects and Property Management Services Limited, a wholly owned subsidiary of Reliance Industries, which has a significant presence in television, OTT, distribution, content creation and production services, will invest ₹ 1,645 crore.
In addition, the popular JioCinema OTT app will be migrated to Viacom18.
Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company with prestigious content studios including CBS, Showtime Network, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV, TV Network and streaming services are included. Will continue as a shareholder of Viacom18 and will continue to supply its premium global content to Viacom18.
Bodhi Tree Systems will leverage the partners’ shared track record of building prestigious businesses and shaping the media landscape in India and globally.
Mukesh D Ambani, CMD, RIL said, “James and Uday’s track record is unmatched. For more than two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia and across the globe.”
“We are committed to bringing the best of media and entertainment services to Indian customers through this partnership,” he added.
In a statement, Mr. Murdoch and Mr. Shankar said, “Our ambition is to leverage the growth of technology, particularly in mobile, to provide meaningful solutions to meet the daily media and entertainment needs at large. We aim to revolutionize the entertainment experience across 1 billion screens.”
The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.