Paramount Global’s sale of its 13.01 percent stake in Viacom18 to Reliance Industries (RIL) has provided the company with an opportunity to exit the Indian joint venture (JV) with an attractive return on investment, a top company executive said.

Paramount fully exited Viacom18 last month after selling its remaining 13.01 percent stake to RIL for Rs. 4,286 crore ($517 million). The company will continue to licence its content to Viacom18, The Economic Times reported.

Its Paramount+ streaming service is available on Viacom18’s JioCinema as a content block under the premium subscription tier. Viacom18 will continue to operate TV channels under Paramount-owned brands like MTV, Vh1 and Nickelodeon.

“Selling our stake in Viacom18 provided an opportunity to exit our ownership position with an attractive financial return on our investment while preserving our ability to monetise our content in India through ongoing licensing arrangements,” Paramount Global CFO Naveen Chopra told analysts during the company’s Q1 earnings call.

He also said that the after-tax proceeds will further benefit leverage when the transaction closes at the end of 2024 or early 2025, subject to regulatory approval.