On Wednesday, Reliance and Viacom18 announced their partnership with Bodhi Tree Systems, a platform of James Murdoch’s Lupa Systems and Uday Shankar, to form one of the largest TV and digital streaming companies in India.

The investors have to invest Rs 13,500 crore in Viacom18, a jointly built entertainment platform and pioneer the Indian media landscape’s transformation to a ‘streaming-first’ approach. Viacom18 is India’s leading player in the television business, having 38 channels with nine languages all over India. The transaction is expected to close within six months and is subject to closing conditions and requisite approvals.

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The wholly-owned subsidiary company of Reliance Industries and Property Management Services, which has a presence in television, OTT content and product service, will invest Rs 1645 crore. Moreover, the popular JioCinema OTT app will be transferred to Viacom18.

Paramount Global (formerly known as ViacomCBS) is a leading global media and entertainment company comprised of iconic content studios, TV networks, and streaming services, including CBS, Showtime Networks, Paramount Pictures, Nickelodeon, MTV, Comedy Central, BET, Paramount+ and Pluto TV will continue as a shareholder of Viacom18 and will continue to supply Viacom18 its global premium content, a statement said.

“We are very excited to partner with Bodhi Tree and lead India’s transition to a streaming-first media market. We are committed to bringing the best media and entertainment services for Indian customers through this partnership,” said Mukesh D Ambani, Chairman and Managing Director of Reliance Industries.