MUMBAI: The Competition Commission of India (CCI) has approved the proposed “transfer” of the JioCinema OTT app to Viacom18, the intent for which was announced in April.
Reliance and Viacom18 had then announced a strategic partnership with Bodhi Tree Systems, which is a platform of James Murdoch’s Lupa Systems and Uday Shankar, to form a TV and digital streaming company.
As per the announcement made in April, Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18. Reliance Projects & Property Management Services Limited, a wholly-owned subsidiary of Reliance Industries will invest Rs 1,645 crore. In addition, the JioCinema OTT app will be transferred to Viacom18. Paramount Global (formerly known as ViacomCBS) will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content.
It bears noting that CCI approval is required if it entails the acquisition of shares, assets, control or voting rights if the parties have assets in excess of Rs 2,000 crore in India or a turnover in excess of Rs 6,000 crore.
While on the subject, SportzPower is given to understand that the shareholding pattern in Viacom18 upon closure of the above deal will be as under:
Reliance – 46%
Bodhi Tree Systems – 42%
Paramount Global – 12%
