<p>India's Reliance Industries is in talks with investors to raise up to $1.6 billion for its broadcasting business as its partner, ViacomCBS, looks to pare its interest in the joint venture, two sources told Reuters on Thursday.</p>.<p>Reliance is holding talks with an investment company set up by James Murdoch, son of media mogul Rupert Murdoch, and former Disney India executive Uday Shankar to together pick up a significant stake in the Viacom18 joint venture, one of the sources with direct knowledge said.</p>.<p>Currently, Reliance holds a 51% stake in Viacom18, with ViacomCBS holding the rest. Viacom18 runs several TV channels in India, including Nickelodeon and Comedy Central.</p>.<p>If the deal materializes, Reliance would continue holding a majority stake, while ViacomCBS's stake is likely to fall to 10%, according to Indian media, which first reported the deal talks earlier on Thursday.</p>.<p>Reliance, an Indian conglomerate run by India's richest man Mukesh Ambani, declined to comment, saying the "company evaluates various opportunities on an ongoing basis."</p>.<p>ViacomCBS, Murdoch and Shankar did not immediately respond to requests for comment.</p>.<p>The discussions come amid growing competition in India's vibrant broadcasting sector.</p>.<p>Sony's India entertainment unit has plans to buy local rival Zee, merging TV channels, film assets and streaming platforms to become a dominant business in the sector.</p>.<p>Indians are rapidly adopting streaming platforms including Netflix Inc and Amazon.com Inc's Prime Video, which have been luring users with cheaper plans and local language content.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>
<p>India's Reliance Industries is in talks with investors to raise up to $1.6 billion for its broadcasting business as its partner, ViacomCBS, looks to pare its interest in the joint venture, two sources told Reuters on Thursday.</p>.<p>Reliance is holding talks with an investment company set up by James Murdoch, son of media mogul Rupert Murdoch, and former Disney India executive Uday Shankar to together pick up a significant stake in the Viacom18 joint venture, one of the sources with direct knowledge said.</p>.<p>Currently, Reliance holds a 51% stake in Viacom18, with ViacomCBS holding the rest. Viacom18 runs several TV channels in India, including Nickelodeon and Comedy Central.</p>.<p>If the deal materializes, Reliance would continue holding a majority stake, while ViacomCBS's stake is likely to fall to 10%, according to Indian media, which first reported the deal talks earlier on Thursday.</p>.<p>Reliance, an Indian conglomerate run by India's richest man Mukesh Ambani, declined to comment, saying the "company evaluates various opportunities on an ongoing basis."</p>.<p>ViacomCBS, Murdoch and Shankar did not immediately respond to requests for comment.</p>.<p>The discussions come amid growing competition in India's vibrant broadcasting sector.</p>.<p>Sony's India entertainment unit has plans to buy local rival Zee, merging TV channels, film assets and streaming platforms to become a dominant business in the sector.</p>.<p>Indians are rapidly adopting streaming platforms including Netflix Inc and Amazon.com Inc's Prime Video, which have been luring users with cheaper plans and local language content.</p>.<p><strong>Watch the latest DH Videos here:</strong></p>