Reliance Industries will purchase Paramount Global's share in its Indian TV business for $517 million. Reliance said in a stock market filing that it had inked a legally binding contract with two Paramount Global companies to acquire Paramount Global's 13.01 percent equity holding in Viacom 18 Media Private Limited.

Similarly, Paramount Global stated in a filing with the US Securities and Exchange Commission (SEC) that the completion of a previously announced joint venture involving Reliance, Viacom18, and Star Disney, as well as the satisfaction of certain customary conditions, such as receiving applicable regulatory approvals, are prerequisites to the transaction closing.

The agreement follows last month's agreement between Reliance and Walt Disney to combine their TV holdings in the nation; the merged company was valued at $8.5 billion.

The successful completion of Reliance's merger with Disney is a prerequisite for this deal.
Viacom 18 Media Private Ltd., which operates many TV channels in the area, was co-owned by Reliance and Paramount.

Paramount, a US firm, filed on Wednesday stating that it will still license its programs to Viacom 18.

The parent company of CBS, Nickelodeon, and other networks, Paramount, has been trying to sell off non-core assets like its Simon & Schuster book publishing division in order to pay down debt. Prior to this, Bloomberg News reported on the company's discussions to sell its ownership in Indian TV.

The unsuccessful efforts of competitors Sony and Zee last month were in contrast to the Reliance Disney media merger pact. The Sony Group put off this merger, which might have resulted in a USD 10.5 billion company. As a result, both parties are entangled in legal battles and arbitration proceedings.