Viacom18-Reliance Industries: Media and entertainment major Viacom18 Media has become a direct subsidiary of Reliance Industries after converting more than 24.61 crore compulsory convertible preference shares (CCPS) into equivalent shares. Earlier, Viacom18Media was a subsidiary of Network18 Media and Investments Limited, a subsidiary of Reliance Industries Limited (RIL). Billionaire Mukesh Ambani-led RIL converted 24,61,33,682 CCPS into shares after the approval of Network18 shareholders on 30 December.

Network18's subsidiary company is no more

RIL said in a notice to the stock exchange, "As a result, Viacom18 has become a subsidiary of the company from December 30, 2024 and is no longer a subsidiary of Network18. The company received notice of allotment of shares from Viacom18 on December 30, 2024.''

Control is over

Earlier, RIL held 70.49 per cent stake in Viacom18 Media on a fully divested basis. This comprised 5,57,27,821 shares and 24,61,33,682 CCPS. Viacom18 was a significant subsidiary of Network18 Media and Investments Limited (Network18).