Bodhi Tree has reduced its planned investment in Reliance’s broadcast venture Viacom18 by 70 per cent and will now contribute Rs 4,306 crore out of Rs 15,145 crore investment planned, reported news agency Reuters. Citing a source familiar with the matter, the report said that the investment amount was reduced due to a broader funding squeeze amid a slowdown in dealmaking.
Mukesh Ambani-led Reliance Industries, in April last year, announced Bodhi Tree, a joint venture between James Murdoch and a former Star India executive, would spend Rs 13,500 crore out of a planned Rs 15,145 crore investment in the Viacom18 that is also backed by Paramount Global. However, according to a statement by the media group on Thursday, Reliance Group is now leading the investment with Rs 10,839 crore.
Reliance made a significant impression in the Indian streaming market last year when it purchased digital streaming rights for the Indian Premier League T20 cricket event from 2023 to 2027.
Currently, JioCinema, which is owned by Viacom18, offers viewers free access to all matches. Additionally, there was free streaming of the 2014 FIFA World Cup in Qatar.
Bodhi Tree Systems is a joint venture between Lupa Systems founder and CEO James Murdoch, son of media baron Rupert Murdoch, and Uday Shankar, the former president of The Walt Disney Company Asia Pacific and former chairman of Star and Disney India. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an investor in Bodhi Tree Systems.
RIL has said that the “partnership will enable Viacom 18 to innovate and disrupt the M&E sector, with Uday Shankar and James Murdoch providing strategic and operational guidance to Viacom 18, leveraging their track-record of building iconic media businesses”.
Uday Shankar has been appointed to the Board of Viacom18. Paramount Global will continue as a shareholder and supply Viacom18 with its global content.
“This unique partnership brings together India’s biggest conglomerate, two of the most recognized media industry veterans and a leading global media and entertainment company,” RIL said.