Viacom18 Media, a prominent player in the media and entertainment sector, is now a direct subsidiary of Reliance Industries Limited (RIL). This change occurred after the conversion of over 24.61 crore Compulsory Convertible Preference Shares (CCPS) into an equivalent number of equity shares. Previously, Viacom18 Media operated as a material subsidiary of Network18 Media & Investments Ltd., which is itself a subsidiary of Reliance Industries. However, this structural change aligns Viacom18 more closely with RIL’s strategic vision.

Shareholder approval paves the way 

On December 30, 2024, Reliance Industries, led by billionaire Mukesh Ambani, executed the conversion of 24,61,33,682 CCPS into equity shares. This move followed the necessary approval from the shareholders of Network18. As a result of this conversion, Viacom18 officially became a subsidiary of Reliance Industries, ceasing to operate under Network18’s umbrella. RIL stated in a regulatory filing that it received confirmation of the equity share allotment from Viacom18 on December 30, 2024.

Reliance Industries strengthens control over Viacom18 

Prior to this development, Reliance Industries already held a significant 70.49 percent stake in Viacom18 Media on a fully diluted basis. This strategic move further consolidates RIL's ownership and control over the media company, marking a pivotal shift in its corporate structure.