On Thursday, Viacom18 announced the completion of a strategic agreement with Reliance Storage Limited, Bodhi Tree Systems, and Paramount Global (previously ViacomCBS). Bodhi Tree Systems is supported by media magnate James Murdoch and former Star & Disney India CEO Uday Shankar.

With the completion of the transaction, TV18 (owned by Mukesh Ambani) will control 50.994 percent of the company, while Bodhi Tree will own 0.011 percent. The company will own 48.994 percent of the company.

On a fully diluted basis, RIL group businesses will possess 60.37 percent; TV18 – 13.54 percent; Bodhi Tree -13.08 percent; and Paramount Global – 13.01 percent, according to the announcement.

“Upon consummation of this merger, the integration of JioCinema into Viacom18 has been completed. Viacom18 has access to Rs 15,145 crore of cash for its planned growth, comprising Rs. 10,839 crores contributed by RIL group entities and Rs 4,306 crore contributed by Bodhi tree Systems,” Viacom 18 said in a statement.

According to Viacom18, Paramount Global will remain a stakeholder and will continue to offer Viacom18 premium global programming.

“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 premium global content,” it said.

“This one-of-a-kind collaboration brings together India’s largest conglomerate, two of the most recognized media industry veterans, and a leading global media and entertainment company,” the company said in a statement.

The Qatar Investment Authority (QIA), Qatar’s sovereign wealth fund, is a shareholder in Bodhi Tree Systems.