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Tag: Viacom18

  • IPL media rights ’22: Digital rights value surpasses TV on Day 3

    IPL media rights ’22: Digital rights value surpasses TV on Day 3

    Mumbai: The total value of digital broadcast rights (Indian subcontinent) for the Indian Premier League (IPL) has reached Rs 23,757.52 crore for five years on day three of the bidding process. This means that the value of digital media rights to the IPL has surpassed the TV broadcast rights valued at Rs 23,575 crore for the 2022-2027 cycle.

    Package C which includes non-exclusive digital broadcast rights were sold to Viacom18 at a whopping Rs 3257.54 crore for five years or Rs 33.24 crore per match for 98 matches. Viacom18 has also successfully bid for the exclusive digital rights to the tournament valued at Rs 20,500 crore. The Board of Control for Cricket in India (BCCI) had set the base price for the non-exclusive digital rights at Rs 1568 crore for five years or Rs 16 crore per match.

    The total valuation of IPL media rights for the next five years has reached Rs 47,332.52 crore. The bidding for Package D which includes international media rights is currently underway.

    The highly anticipated auction was first announced on 29 March by the Board of Control for Cricket in India (BCCI). The contenders for broadcast rights included Disney Star, Sony Pictures Networks India and Viacom18. The bidders for digital rights include Zee Entertainment Enterprises, Disney+ Hotstar and Reliance Jio. Mjunction is conducting the auction.

    The IPL is the second most valuable sports property after the National Football League (NFL) in terms of broadcast price per match. The value of the media rights per match has reached almost Rs 114 crore leaving the Premier League behind which is valued at around Rs 81 crore per match. The action continues on wednesday.

  • 2022 IPL media rights value touches Rs 46,700 crore on Day 2

    2022 IPL media rights value touches Rs 46,700 crore on Day 2

    Mumbai: The Indian Premier League (IPL) media rights value has touched Rs 46,700 crore at the end of day two of the e-auction on Monday. The rights period is from 2023 to 2027 for 410 matches.

    TV rights went for Rs 23,575 crore while digital went for Rs 20,500 crore. TV will cost Rs 57.5 crore a game while digital will cost Rs 50 crore a game. There will be at least two broadcast partners.

    Two different broadcasters won the TV (Package A) and digital (Package B) broadcast rights. Reports indicate that Reliance Jio has won Package B. So far, the price of the combined TV and digital rights this year is almost three times the amount that Star India had paid in 2017.

    On the second day, the price of digital rights per match rose by Rs 2 crore from Rs 48 crore at the end of day one. But the price for TV rights only rose by Rs 50 lakhs a match when the bidding resumed on the second day.

    There is more drama to come. The digital non-exclusive rights (Package C) that include 98 games over five years are valued at Rs 18.5 crore per match. Bidders that did not get their hands on Package A and B may make a play for Package C. If Reliance Jio is unable to win the bid for Package C it would be unable to maximise the value of the digital broadcast rights which would be a blow to its revenue.

    Package D includes the media rights for the rest of the world and is set at a base price of Rs 3 crore per match or Rs 1,110 crore over five years.

    The highly anticipated auction was first announced on 29 March by the Board of Control for Cricket in India (BCCI). The contenders for broadcast rights included Disney Star, Sony Pictures Networks India and Viacom18. The bidders for digital rights include Zee Entertainment Enterprises, Disney+ Hotstar and Reliance Jio. Mjunction is conducting the auction.

    The IPL is the second most valuable sports property after the National Football League (NFL) in terms of broadcast price per match. The value of the media rights per match has reached almost Rs 114 crore leaving the Premier League behind which is valued at around Rs 81 crore per match. The action continues tomorrow.

  • Neeraj Pandey, Voot Select unveil upcoming web series ‘Bandon Mein Tha Dum’

    Neeraj Pandey, Voot Select unveil upcoming web series ‘Bandon Mein Tha Dum’

    Mumbai: Voot Select on Wednesday launched the trailer of its upcoming web series, titled Bandon Mein Tha Dum. The series will show the nail-biting journey of the 2020/21 India tour of Australia. Directed by Neeraj Pandey the web series will soon premiere exclusively on Voot Select.

    The trailer was unveiled at a grand launch in the presence of ace cricketers Ajinkya Rahane, Ravichandran Ashwin, Mohammad Siraj, Cheteshwar Pujara and Hanuma Vihari and director Neeraj Pandey.

    Coupled with a powerful script, behind-the-scenes footage, candid narratives from the winning squad like Ajinkya Rahane, Ravichandran Ashwin, Cheteshwar Pujara, Mohammad Siraj, Rishabh Pant and Hanuma Vihari, their coaches, as well as journalists who covered the series, Bandon Mein Tha Dum sheds light on the trials and tribulations that the Indian cricket team had to navigate ahead of their unforgettable victory against team Australia at their home ground of Gabba, where they hadn’t lost a Test match for 32 years. The web-series focuses on how the team played extraordinarily high-quality cricket and simultaneously redefined the concept of hard work, perseverance, determination, and commitment, setting the highest standards of sportsmanship while breathing new life into the fading format of Test cricket!

    Talking about how Bandon Mein Tha Dum came about, Neeraj Pandey said, “Bandon Mein Tha Dum is an epic tale that outlines ‘Miracles do happen’ and it happened in the India-Australia Test series 2020/2021 which culminated in India’s stunning defeat of the world no.1 test side at their hallowed home turf of Gabba where they hadn’t lost a test match for 32 years. The series was won by India in such a manner that it not only captured the imagination of the entire nation but also provided tremendous joy to the cricketing and wider sporting community all over the world at a time when people were still trying to come to terms with the devastation Covid-19 had brought in their lives. The human stories in this cricketing fairy tale elevated the series beyond a cricketing audience and created huge euphoria across all segments of Indian society. The nation was gripped and it was therefore befitting for us to bring the story to the people of India of one of the greatest comebacks in the history of sports and cricket.

    Nothing excited me more than retelling this story which went beyond high-quality cricket, hard work, perseverance, determination, commitment, sportsmanship and decoding the x-factor through the mind of the players which repeated the David Vs Goliath story!”

    Talking about the series, Viacom18 Digital Ventures chief operating officer Gourav Rakshit said, “At Viacom18 Digital Ventures we have successfully built an ecosystem that caters to the evolving needs of our viewers. With a strategy to create an everyday consumption proposition, we have consistently brought forward entertainment that is high in quality and binge-worthy. Our robustly curated content mix and our success with digital-first is a testament to our commitment to providing viewers with game-changing experiences. ‘Bandon Mein Tha Dum’ is the first of the many such narratives and we will continue to explore new genres and avenues that are in sync with our audience’s core values.”

    Further Viacom18 head- SVoD and international business Ferzad Palia added, “Bandon Mein Tha Dum is a story that every Indian deserves to know, and re-live. The series is based upon the unheard stories and the real struggles behind the victory of the Indian cricket team during one of it’s toughest times. Neeraj is a storyteller par excellence and we are honoured to have him create this special event series for our members. This is the first among many of an entertainment slate like never before. We’re certain that the series will set a new benchmark in special event storytelling.”

  • Viacom18 takes criminal action against digital piracy

    Viacom18 takes criminal action against digital piracy

    Mumbai: Viacom18 Media is working with Maharashtra Cyber Crime Cell, Mumbai to fight against digital piracy and infringing usage of content.

    The Cyber Crime Cell arrested Subhanjan Kayet for his involvement in the pirated websites/platform named Thop TV. He was accused for the development of software, technical manipulation, illegal streaming and telecasting of the contents from Viacom18’s channels and its OTT platform Voot.

    On 23 May, Kayet was sentenced by Esplanade Court to five days of police custody after considering the severity of the offence and upon the request of the counsel appearing for the state.

    The Maharashtra Cyber Crime Cell has frozen his bank account in which he purportedly received the illegal proceeds of his unlawful activities. He was prolonging his arrest for the last few months after his bail applications were rejected by the courts in Kolkata and Mumbai.
    “Special anti-piracy unit MIPCU (Maharashtra Intellectual property Crime Unit) arrested accused Subhanjan Samiran Kayet from Gobardanaga Harbra, 24 Paragana, West Bengal on 22nd May 2022 as he appears to be the lead developer of the THOP TV app,” said Superintendent of Police Maharashtra Cyber Mumbai Sanjay Shintre. “We have sufficient evidence regarding this.”

    “We are thankful to Maharashtra Cyber for continuing this action against piracy,” said a spokesperson from Viacom18. “It is important to make the message clear that operating or abetting a business of infringement is a serious offence which affects the creative community at large. The perpetrators will be found and brought before law.”
    In the recent past, the efforts of Viacom18 together with Maharashtra Cyber Crime Cell had led to the arrest of the founder and CEO of Thop TV.

    “Viacom18 has always been at the forefront in addressing and curbing piracy of their content and channels,” said the statement. “Viacom18 and the TV18 network will continue to fight market threats associated with piracy and will protect their channel’s content using all legal methods available.”

  • Rakesh Jha joins Viacom18 as VP- creative (sports business), Sports18

    Rakesh Jha joins Viacom18 as VP- creative (sports business), Sports18

    Mumbai: Rakesh Jha has joined Viacom18 as vice president-creative (sports business), Sports18. He announced his new role on LinkedIn.

    “I am excited to share the news that I am starting my new inning with Viacom18. I look forward to extending the design innovation that I have been able to do at Star Sports during my nine years of engagement. I want to take this opportunity to express my gratitude to thank everyone at Star Sports for the guidance and support they have provided throughout my journey at Star Sports,” he said.

    Jha is a creative director with over two decades of experience leading diverse creative teams with a track record of delivering quality design while managing multiple projects. His expertise is in brand building, broadcast design, virtual, hard-set design and in-depth technical knowledge with a strong understanding of industry trends and creative tools as well as software. 

    Before joining Viacom18, Jha was associated with Star Sports for nine years where he led the design team responsible for cutting-edge design and innovations for marquee events such as IPL, Cricket World Cup, Pro Kabaddi League, Badminton League, Hockey India League to name a few. He also worked at CNBC TV18 for almost a decade and led the graphics team. 

     

  • India is a fundamentally attractive market; has a tremendous future: Paramount global president and Ceo Bob Bakish

    India is a fundamentally attractive market; has a tremendous future: Paramount global president and Ceo Bob Bakish

    MUMBAI: Paramount Global President and CEO Bob Bakish is positive about the Indian market and expects that Viacom18 has a potential future here. The company has a stake in Viacom18 along with majority owner Reliance Industries (RIL) and new entrant Bodhi Tree Systems. Among other things, he noted that India will be incremental in Paramount+’s subscriber guidance of 100 million.

    In a conference call to announce the first-quarter results, he said, “India is a fundamentally attractive market. It’s a market that’s already at scale and has a tremendous future ahead of it in the context of media. As I think you know, since its inception, Viacom18 has been a significant player in the market. And the recent agreement with Bodhi Tree, we look at that as a compelling way to drive the next level of growth. And obviously, they’re going to make a significant capital infusion into the business.”

    He highlighted three things about the country. “The first thing is, we like Viacom18. It’s the model we like. It has broad reach television networks, including the market-leading colors brand, combined with a film business, hindi film business, it’s both national and regional, and of course has streaming assets as well, all underpinned by a strong local content engine. So, that’s the model we like in general,” he added.

    “Second thing is, our core partner there is Reliance. That’s arguably the most powerful company in India. And they also own the telecom market leader, Jio. So, we think that’s great. And as I said, now, Viacom18 is set up to be an even bigger player in the market, including in streaming. So, we look at that as a great opportunity for Paramount+. As we said — as I said in my remarks, we’re going to enter in 2023 in — and we’re going to do so in a very capital efficient, hard bundle way. And so, we think that’s a great route into that market. And I would also note that India will be incremental to our 100 million sub guidance. It’s early days. So, we’re still at the point of deciding what we want to put out there. But it’s incremental to our guide,” Bakish added.

    But when asked about the IPL rights coming up he clarified that there is no plan to put cricket on Paramount+. “But remember what I said. It’s a hard bundle strategy, which means Paramount+ will travel with other assets. And therefore, we believe there’s a real opportunity to benefit from cricket without having to pay for it on Paramount+. So, that assumes of course that the asset ends up in a certain place. But that’s the answer for India. Again, we’re tremendously excited about that market, about our partner, Reliance, about Bodhi Tree coming in and benefiting from a leadership position therein,” he added.

    Last month RIL and Viacom18 announced a strategic partnership with Bodhi Tree Systems. Bodhi Tree is a joint venture between James Murdoch’s Lupa Systems and media and entertainment industry veteran Uday Shankar. As a result of the move, Paramount Global had reduced its stake in Viacom18.

  • U-TO onboards Wolfzhowl Strategic Instigation as business strategy partner

    U-TO onboards Wolfzhowl Strategic Instigation as business strategy partner

    Mumbai: MediaTech company U-TO Solutions is all set for its next phase of growth. Founded in 2000, U-TO has partnered with companies like Sony Pictures, Star TV, Viacom18, TataSky, Shemaroo and others in driving intelligence for profitable actions through technology. U-TO through their association with BroadView Software Canada and indigenously built RightsU are gearing up to enter Southeast Asia and Middle East and Africa this year. It has appointed Wolfzhowl Strategic Instigation as their business strategy partner.

    “As the media landscape becomes more complex, with the rise of streaming services and influencer-turned content creators, U-TO is looking at making in-roads by creating bespoke solutions for Media & Entertainment companies across India, Southeast Asia & Middle East and Africa. We were looking for a strategy consultancy that had expertise in B2B Technology and product marketing, who could become true partners in our success and not just work as external consultants,” said  U-TO co-founder CTO Sumit Suri on this appointment.

    Globally, the Digital Rights Management market is valued at $1.29 billion in 2018 and is expected to reach $2.05 billion by the end of 2024. India, South Korea, Southeast Asia and Africa will be driving this market growth with the increase in On-Demand Content and increased internet penetration.

    “U-TO is gearing up for the solidity of their success and we are happy to partner with them in this growth. As a behaviour change consultancy, we are excited to be working across the business’ value chain. Our deep understanding of culture and its impact on each stakeholder in the value chain along with our focus on outcomes ensures that we drive growth for U-TO. This growth will come through Brand Positioning 2.0, Service and Sales Design 2.0 and Product Branding and Marketing,” says Wolfzhowl partner and lead integrated strategy Prerna Dubey Gupta.

  • Exclusive: Regional space to play a major role in Viacom18’s sports plans

    Exclusive: Regional space to play a major role in Viacom18’s sports plans

    Mumbai: Media conglomerate Viacom18 has big plans to create a splash in the sports broadcasting space. The aim is to have nine to ten channels including regional channels. According to sources, the languages being considered include Tamil, Telugu, and Kannada. Channels have already been launched – Sports18 in HD and SD and Sports18 Khel a Hindi FTA offering that is available on DD Freedish. 

    A source tells IndianTelevision.com that for Viacom’s sports business both linear broadcast and the streaming platform (Voot) are equally important. The expectation is that in the coming five years digital will overtake linear broadcast in terms of sports content consumption. On the revenue front, advertising and subscription will both be important.

    “The focus so far for the company has been on a variety of sports including badminton, basketball (NBA rights for three years), ATP tennis and soccer. The marquee property acquired so far has been Fifa (Sony was the previous rights holder),” explains the source, adding, “The company has also bought other soccer rights like La Liga, Serie A and the French League. The plan for the sports business is to have an extensive presence across TV and digital. So Voot will also have a very important role to play. As and when properties come up including cricket-based upon the commercial considerations the company will decide whether or not to go for them.”

    For now, specialty channels like a Golf channel are not being considered as they are not commercially viable in the current market scenario. “For the next two to three years specialty channels are not on the horizon. Before the Fifa World Cup in November the company will launch all its regional channels. It is fair to say that it will have 9-10 regional channels. They will all be pay channels, apart from the current FTA offering. Across TV and digital the properties need to deliver,” the source tells. 

    MTV, the source adds, will stop airing sports in due course. “Right now they are airing sports as an adequate number of sports channels are not there.” The source further states that as of now non cricket is still very small. “The reality is that it is still very, very small compared to cricket. One cannot compare the two.” 

    On the distribution front, Sports18 is present on the major platforms apart from Dish TV. “That will also happen soon. The channels are present across most cable networks including the small ones.”

     In terms of media rights, the source informs that rights price for some properties like EPL de-grew substantially because the viewership has been falling for quite a while. The source expects acquisition prices of the Tennis Grand Slams to also fall as the viewership is just not coming. “The expectation earlier was that the audience would grow. That has not happened. A correction was inevitable.” 

    “The French Open takes place during the latter part of the IPL which is not the best timing. However, Fifa being a marquee property saw quite a few parties bid,” the source informs. In terms of the IPL ratings falling in the initial few weeks, the source says that one cannot go by one season to judge the value of the property. The source expects the Board Of Control For Cricket in India (BCCI) to get a substantial jump over last time. “It is still the biggest media property in the country.” 

    The source maintains that the BCCI has every right to sell it the way they want including the 18 non-exclusive games for the digital arena.

    “It is a unique sort of construct but I am sure that the BCCI would have decided what is best for them. I expect digital players like Amazon, Fancode to go after the non-exclusive 18 games digital package quite aggressively. It is very monetisable. “Those 18 games are all the premium games including the playoffs. There is a real good reason for people to go after that 18-game package. In the next five years, digital will be much bigger than television and so the overall digital rights package will also be targeted by the digital players.”

    The source adds that digital is playing a big role in catching up. When people travel they watch sports on their mobile. So time is not being compromised. To some extent, cord-cutting is also helping the growth of digital. Post-IPL the International Cricket Council (ICC) and the BCCI rights will come up. But the expectation is that whoever gets the IPL will probably not aggressively go after ICC. “It is very unlikely that one bidder will get all these three properties because the cost is very high. It will not be like the past. Resources are limited.” 

    It is worth noting that Disney Star is the incumbent for all the three marquee cricket properties mentioned above. The source adds that e-auction is the best way for the BCCI to go about the IPL bidding as it is the most transparent process.

  • Viacom18 aims for long-term growth with Rs 15,000 crore investment

    Viacom18 aims for long-term growth with Rs 15,000 crore investment

    Mumbai: Network18 Media and Investments Ltd announced on Tuesday the results for the financial year (FY) 2021-2022 and for the fourth quarter ending on 31 March.

    The company reported consolidated operating revenue of Rs 5,880 crore a 25 per cent increase year-on-year (YoY). Its profit after tax (PAT) stood at Rs 838 crore up by 53 per cent YoY despite the impact of Rs ~140 crore higher tax provision. It reported its highest ever operating earnings before interest, tax, depreciation and amortization (EBITDA) at Rs 1,080 crore up by 36 per cent YoY driven by robust financial performance in all three verticals – TV news, entertainment, and digital news.

    For the fourth quarter, the company reported earnings of Rs 1,621 crore up by 15 per cent YoY. However, consolidated operating EBITDA stood at Rs 266 crore, a five percent decline YoY.

    Partnership with Bodhi Tree

    On 27 April, Viacom18 announced a strategic partnership with Reliance and Bodhi Tree Systems, a platform of James Murdoch’s Lupa Systems and Uday Shankar. As part of the deal, Rs 15,145 crore will be infused by Bodhi Tree Systems and Reliance combined. Bodhi Tree will invest Rs 13,500 crore whereas Reliance Projects and Property Management Services Limited (RPPMSL), a wholly owned subsidiary of Reliance, will infuse Rs 1,645 crore. In addition, the JioCinema OTT app, currently owned by RPPMSL, will be transferred to Viacom18.

    The media conglomerate also announced that Paramount Global will continue to supply its premium global content and launch Paramount+ in India in partnership with its subsidiary Viacom18. “Paramount Global, formerly ViacomCBS, reaffirmed its commitment to the partnership as a strategic partner in Viacom18,” said the company statement. “This partnership between Reliance, Paramount Global and Bodhi Tree Systems, will enable Viacom18 to transform into one of the largest TV and digital streaming companies in India,” the company said.

    The infusion of Rs ~15,000 crore in Viacom18 will enable the company to make an investment in high growth businesses namely digital, sports and regional entertainment and set it on a long-term growth path, said the statement.

    “The media and entertainment industry in India has a long runway for growth and has attracted the interests of global players as well as spurred mergers and acquisition activity from Indian peers,” said the statement. “Digital business models are still evolving for all players as the Indian digital ecosystem continues to mature every year, however, still some time away from being a positive contributor to the bottom line. To be a meaningful player in this landscape, where consumers are spoilt for choice, one has to invest in content, distribution and technology.”

    Viacom18 will use the cash infusion to scale up its content offering for both digital and TV and strengthen its competitive position across markets. The strategic arrangement to access Jio’s 400 million strong mobility and fiber consumer base will enable Viacom18’s digital platform to access the consumers of Jio and catapult its reach. It will enable the utilisation of a large smartphone and JioPhone user base for advertising and driving subscription revenue for premium content. JioCinema will also bring its critical partnerships with marquee content producers for content and OEMs (original equipment manufacturers) for distribution.

    The transaction is expected to close within six months and is subject to customary closing conditions and approvals.

    Sports business

    Viacom18 forayed into the sports genre and launched three sports channels including one free-to-air channel last month. During the year, the company acquired the television and digital rights to sports properties like NBA and FIFA World Cup, two of the most watched sports properties in the world, as well as major footballing leagues La Liga (Spain), Serie A (Italy) and Ligue 1 (France), Cinch Premiership (Scotland), and other sporting events like ATP Masters Tennis, WTA, top BWF World Tour events like All England Open Badminton Championship, World Boxing Championship, Abu Dhabi T10 Cricket, and Road Safety World Cricket Series, among others.

    “Viacom18 believes that sports, especially live sports, will help strengthen the value proposition of the network to consumers and will complement the current entertainment offering,” said the statement. “The network will continue to add more events and properties to its catalogue and will strive to be India’s most-coveted sports network by providing fans easy access to a comprehensive bouquet of international and premium sports content.”

    The company’s TV network maintained an all India viewership share of 10.7 per cent. The share of entertainment networks in the non-news genre was 11.2 per cent with Colors being the top second primetime channel in the Hindi general entertainment genre. The channel launched ten fiction and five impact shows to strengthen its viewership share in the genre. Colors Kannada and Colors Marathi were amongst the top three channels in their respective markets with kids and English portfolios were leaders in their genres.

    As per Broadcast Audience Research Council (Barc) ratings which resumed on 17 March, TV18 news portfolio was #22 in terms of reach and #32 in terms of viewership share. The network maintained leadership in English business news (CNBC TV18) and had strong positions in English and several regional markets.

    “FY22 was a remarkable year, not only from the perspective of numbers, but in terms of building a strong foundation on which the business can continue to grow for the foreseeable future,” said Network18 chairman Adil Zainulbhai. “The financial performance has vindicated our decision to invest in new businesses a few years ago which have started showing encouraging positive results. In a similar vein, we have set ourselves an ambitious target to become a leading player in the digital space while strengthening our core TV offering. We will continue to solidify our ‘Digital First, TV Always’ proposition, leveraging our existing strengths to grow in segments where we are present and breaking ground in new markets with new and innovative offerings. The strategic partnership we have struck for Viacom18 is a big step in this direction which will help set the Company on a long-term growth trajectory and create one of India’s leading content company.”

  • James Murdoch, Uday Shankar’s Bodhi Tree Systems to invest Rs 13,500 crore in Viacom18

    James Murdoch, Uday Shankar’s Bodhi Tree Systems to invest Rs 13,500 crore in Viacom18

    Mumbai: Reliance and Viacom18 have announced a strategic partnership with Bodhi Tree Systems, which is a platform of James Murdoch’s Lupa Systems and Uday Shankar, to form one of the largest TV and digital streaming companies in India. Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India’s leading entertainment platform and pioneer the Indian media landscape’s transformation to a “streaming-first” approach. 

    Viacom18 owns and operates the suite of Colors TV channels and OTT platform Voot.

    Reliance Projects and Property Management Services Ltd, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs 1,645 crore. In addition, the popular JioCinema OTT app will be transferred to Viacom18.

    Paramount Global (formerly known as ViacomCBS), a leading global media and entertainment company comprised of iconic content studios, TV networks and streaming services including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its premium global content.

    Bodhi Tree Systems, a newly formed platform between Lupa Systems founder and CEO James Murdoch and Uday Shankar, the former president of The Walt Disney Company Asia Pacific and former Chairman of Star and Disney India, will leverage the partners’ shared track record of building iconic businesses and shaping the media landscape in India and globally. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.

    “James and Uday’s track record is unmatched,” said Reliance Industries Ltd chairman and managing director Mukesh D Ambani. “For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia, and around the world. We are very excited to partner with Bodhi Tree and lead India’s transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership.”

    “We could not be more pleased to announce our new partnership,” Murdoch and Shankar said in a joint statement. “Our ambition is to leverage technology advances, particularly in mobile, to provide meaningful solutions to meet everyday media and entertainment needs at scale. We seek to reshape the entertainment experience across more than one billion screens.”

    Upon closing, Viacom18, in close cooperation with Reliance, Bodhi Tree Systems and Paramount Global, will shape a vision, strategy, and execution for its businesses, building on the strong existing foundation. Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan India presence.

    The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.