Indian conglomerate Reliance Industries is looking to raise US$1.6 billion to buy ViacomCBS out of their joint-venture operation Viacom18.
The company is in talks with an investment company led by James Murdoch, son of media tycoon Rupert Murdoch and former Disney Executive Uday Shankar to help fund the deal, and together pick up a significant stake in the Viacom18 joint venture.
Currently, Reliance holds a 51 percent stake in Viacom18, with ViacomCBS holding the rest. Viacom18 runs several TV channels in India, including Nickelodeon and Comedy Central.
The deal would see Reliance increase its stake in Viacom18 to 90%, with ViacomCBS retaining the remaining 10%.
The deal comes at a time of increased competition in the Indian TV sector, with Sony India agreeing a deal to acquire leading media group Zee Entertainment to create a new company with a cash balance of approximately US$1.575 billion.
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