The sale, valued at approximately $517 million, was disclosed in a securities filing.

Reliance Industries, a multinational conglomerate, is already the majority shareholder in Viacom18. The media company currently holds various properties, including the popular streaming service JioCinema and channels such as Colors, Comedy Central, and MTV.

This news follows a previous agreement between Reliance Industries and Disney, where they formed a joint venture combining Reliance's Viacom18 with Disney's Star India. As part of this deal, Reliance pledged to invest $1.4 billion into the joint venture, which is estimated to be worth $8.5 billion. Additionally, Disney will provide a content license to the joint venture and may contribute further media assets, pending regulatory and third-party approvals. The joint venture will also be granted exclusive rights to distribute Disney films and productions in India.

The completion of Paramount's sale of its Viacom18 stake is subject to regulatory conditions and the finalization of the joint venture involving Reliance, Viacom18, and Star Disney, as mentioned in the securities filing. However, even after the transaction concludes, Paramount will continue licensing its content to Viacom18.

This deal comes at a time when Paramount's future remains uncertain. In December, the studio engaged in talks with Warner Bros. Discovery regarding a potential merger. Furthermore, media mogul Byron Allen has recently submitted a $30 billion offer, inclusive of debt and equity, for Paramount Global.

As both parties involved work towards meeting the necessary conditions and approvals, the sale of Paramount's stake in Viacom18 to Reliance Industries marks a significant step in the ever-evolving landscape of the global media industry.