A year after announcing a strategic partnership with Bodhi Tree Systems, a platform promoted by James Murdoch’s Lupa Systems and Uday Shankar, Viacom18, a 51:49 joint venture between RIL’s TV18 and Paramount Global, said on Thursday the deal is worth Rs 15,145 crore has been done. RIL group entities have contributed Rs 10,839 crore in cash, while Bodhi Tree contributed Rs 4,306 crore.

After the closure is approved by the National Company Law Tribunal (NCLT) in Mumbai, RIL group entities will own 60.37% of Viacom18, TV18 will own 13.54%, Bodhi Tree will hold 13.08% of the company, and Paramount Global will hold 13.01% of the company’s shares.

Following the deal, the JioCinema app will be transferred to Viacom18 to strengthen its product portfolio, which includes the suite of Colours TV channels and the OTT platform Voot. Uday Shankar has been appointed to Viacom18’s Board of Directors, and Paramount Global will continue to deliver global premium content, Viacom18 said.

Viacom18 is currently locked in an intense battle for ratings in the Indian Premier League (IPL) with rival Disney-Star. Viacom18 streams IPL for free this year on the JioCinema app. According to experts, it is also expected to invest more in sports and entertainment broadcasting, especially on digital platforms, as the media landscape evolves with digital viewership. Viacom18 bought the streaming rights of the IPL in an e-auction which handled Rs 23,758 crore (for the 2023-27 media cycle) last year, signalling its intention to go big in the digital medium. The Disney-Star bought the TV rights for the same period IPL for Rs 23,575 crore.