Network18 Media & Investments informed the BSE and NSE on the evening of 31 December that Viacom18 India had ceased to be its subsidiary on 30 December and had become a direct offshoot of Reliance Industries Ltd (RIL).
In its letter to the exchanges, it said, “Pursuant to the approval granted by the shareholders of the Company under Regulation 24(5) of the SEBI Listing Regulations for Viacom 18 Media Private Limited (Viacom18) ceasing to be a subsidiary of the Company and the Company ceasing to exercise control over Viacom18, Reliance Industries Limited (RIL) has on December 30, 2024 converted the 24,61,33,682 compulsorily convertible preference shares (CCPS) held by it in Viacom18 into 24,61,33,682 equity shares..”
Following this conversion, RIL now holds 83.88% of the total equity share capital of Viacom18 and 70.49% on a fully diluted basis. The Company now holds 16.12% of the total equity share capital of Viacom18 and 13.54% on a fully diluted basis. Viacom18 has ceased to be a subsidiary of the Company, effective 30 December 2024.
Viacom18 was a material subsidiary of the Company. Viacom18 had nil turnover and a net worth of Rs. 26,928.17 crore (representing 90.39% of the annual consolidated net worth of the Company) for the financial year 2023-24.
The shareholders of Network18 had earlier approved this change of ownership. With this transition, Viacom18 will now operate under RIL’s control.
