Comcast, the conglomerate behind NBCUniversal and the Sky European TV giant, is to invest $200 million in Bodhi Tree Systems, a company headed by James Murdoch and Uday Shankar, a former head of Di…
The move was approved by the Competition Commission of India on Wednesday. The funds will be directed to buying a small minority stake in Indian media group Viacom18.
Bodhi Tree, which was also behind Viacom18’s nearly $3 billion bid for digital rights to the Indian Premier League cricket tournament, has a commitment to invest a total of $1.69 billion into Viacom18, with $538 million as an initial tranche. In a statement, Viacom18 said that the dealmaking will mean that its equity is 50.994% owned by TV18, 48.994% owned by Paramount Global and that Bodhi Tree has a 0.11% stake. Additionally, Reliance Industries will own 82% of Viacom18’s convertible preference shares and Bodhi Tree the remaining 17.8%.
Viacom 18 explains that it gets $1.89 billion of cash for its planned growth. This it intends to uses “to innovate and disrupt the media and entertainment sector, with Shankar and Murdoch providing strategic and operational guidance [and] leveraging their track record of building iconic media businesses.”
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