Reliance, Viacom18 partner with Bodhi Tree to form TV, streaming platform
Reliance and Viacom18 on Wednesday
announced a strategic partnership with Bodhi Tree Systems -- a platform of
James Murdoch's Lupa Systems and Uday Shankar -- to form one of the largest TV
and digital streaming companies in
India.
Bodhi Tree Systems is leading a fund raise with a consortium of
investors to invest Rs 13,500 crore in Viacom18, to jointly build India's
leading entertainment platform and pioneer the Indian media landscape's
transformation to a "streaming-first" approach.
Viacom18 is amongst the leading players in the core linear
television business with 38 channels across nine languages and a pan-India
presence.
The transaction is expected to close within six months and is
subject to closing conditions and requisite approvals.
Reliance Projects and Property Management Services, a wholly-owned
subsidiary of Reliance
Industries which has significant presence in television, OTT,
distribution, content creation, and production services, will invest Rs 1,645
crore.
In addition, the popular JioCinema OTT app will be
transferred to Viacom18.
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