India’s Reliance Industries is in talks with investors to raise up to $1.6 billion for its broadcasting business as its partner, ViacomCBS , looks to pare its interest in the joint venture, two sources told Reuters on Thursday.
Currently, Reliance holds a 51% stake in Viacom18, with ViacomCBS holding the rest. Viacom18 runs several TV channels in India, including Nickelodeon and Comedy Central.
Indians are rapidly adopting streaming platforms including Netflix Inc and Amazon.com Inc’s Prime Video, which have been luring users with cheaper plans and local language content.
Read more: Reuters
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