Paramount in talks to sell India TV stake to Reliance

Paramount Global is in discussions to sell its stake in its media joint venture in India to Reliance Industries Ltd. The New York-based media company has been in advanced talks to sell its minority stake in Viacom18 Media. A sale of the Viacom18 position could generate as much as $550 million that Paramount could use toward debt reduction.

Talks are still ongoing and may not result in a deal.

Paramount, the parent of CBS, MTV and other networks, has been selling assets, including Simon & Schuster its book publishing arm, to reduce debt. It’s also weighing an offer from producer David Ellison to buy out the Redstone family’s controlling stake in the company and merge his Skydance Media studio into Paramount.
BCS Bureau