<p>Reliance Industries has agreed to buy Paramount Global's entire 13.01 per cent stake in local entertainment network Viacom 18 Media for about $517 million (42.86 billion Indian rupees), the U.S. company said in a regulatory filing.</p><p>Viacom18 is majority-owned by Reliance and has 40 television channels, including Comedy Central, Nickelodeon and MTV.</p><p>Paramount said it will continue to license its content to Viacom18 after the closing of the deal. It already streams its content through Reliance's JioCinema.</p><p>The transaction is also subject to the completion of Reliance's previously announced merger with Walt Disney for their India TV and streaming media assets.</p>
<p>Reliance Industries has agreed to buy Paramount Global's entire 13.01 per cent stake in local entertainment network Viacom 18 Media for about $517 million (42.86 billion Indian rupees), the U.S. company said in a regulatory filing.</p><p>Viacom18 is majority-owned by Reliance and has 40 television channels, including Comedy Central, Nickelodeon and MTV.</p><p>Paramount said it will continue to license its content to Viacom18 after the closing of the deal. It already streams its content through Reliance's JioCinema.</p><p>The transaction is also subject to the completion of Reliance's previously announced merger with Walt Disney for their India TV and streaming media assets.</p>