On December 30, 2024, Reliance Industries, led by billionaire Mukesh Ambani, completed the conversion of 24,61,33,682 CCPS into equity shares, as approved by the shareholders of Network18. As a result, Viacom18 is now a direct subsidiary of RIL, effective from December 30, 2024, and has ceased to be a subsidiary of Network18.

The change comes after the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equal number of equity shares.

Viacom18 is now a direct subsidiary of Reliance Industries following the conversion of 246.1 million CCPS into equity shares. The move aligns Viacom18 with Reliance's media expansion strategy

Previously, Viacom18 was a subsidiary of Network18 Media & Investments Limited. However, with shareholder approval under Regulation 24

Viacom18 has become a direct subsidiary effective December 30, 2024, and ceases to be a subsidiary of Network18, RIL said after allotment of equity shares from Viacom18

Viacom18 Media, a media and entertainment company, has become a direct subsidiary of Reliance Industries following the conversion of over 24.61 crore compulsorily convertible preference shares (CCPS) into an equivalent number of equity shares.

As previously disclosed in an exchange filing on November 14, RIL held a 70.49% stake in Viacom18 on a fully diluted basis, which included 5,57,27,821 equity shares and 24,61,33,682 compulsorily convertible preference shares (CCPS).

Viacom18 Media now a direct subsidiary of Reliance Industries after conversion of 24.61 crore CCPS into equity shares.