Uday Shankar, James Murdoch to pick up nearly 40% stake in Viacom18

Reliance Industries, along with James Murdoch and Uday Shankar, is to invest over INR 12,000 crore in the entertainment and sports broadcasting business under Viacom18. Murdoch, son of media baron Rupert Murdoch, and Shankar, former Star & Disney India chairman, plan to acquire a nearly 40% stake in Viacom18. ViacomCBS, which owns 49% stake in Viacom18, is likely to sell a small part of its stake and get it diluted to about 10%, while Reliance Industries-owned TV18 will continue to hold a majority stake.