Reliance Industries (RIL) has strengthened its position in the media and entertainment sector by making Viacom18 Media its direct subsidiary. This strategic move follows the conversion of 24.61 crore compulsorily convertible preference shares (CCPS) into an equal number of equity shares.
On December 30, 2024, RIL completed the conversion of 24,61,33,682 CCPS into equity shares after receiving shareholder approval from Network18 Media & Investments. Prior to this change, Viacom18 functioned as a material subsidiary of Network18, which is a part of the Reliance Industries group.
In a regulatory announcement, RIL confirmed, “Effective December 30, 2024, Viacom18 has officially become a subsidiary of Reliance Industries and is no longer a subsidiary of Network18.” The company also acknowledged receiving confirmation of the equity share allotment from Viacom18 on the same date.
Earlier, as per a disclosure made on November 14, 2024, RIL owned a 70.49% stake in Viacom18 on a fully diluted basis. The update also included details of RIL holding 5.57 crore equity shares along with 24.61 crore CCPS.
Following the conversion process, RIL stated in its filing, “Post conversion, Reliance Industries now holds 83.88% of Viacom18’s total equity share capital, while retaining a 70.49% stake on a fully diluted basis.” This restructuring marks a significant step in consolidating Reliance Industries’ presence in the media and entertainment landscape.
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