INSUBCONTINENT EXCLUSIVE:
Currently, Reliance holds a 51% stake in Viacom18, with ViacomCBS holding the rest.New Delhi: 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.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.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.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.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."ViacomCBS, Murdoch and Shankar did not immediately respond to requests for comment.The
discussions come amid growing competition in India's vibrant broadcasting sector.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.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.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated
