Mumbai-based conglomerate Reliance Industries is buying Paramount Global’s 13% stake in Viacom18 for around US$517 million, according to a regulatory filing. Already a majority shareholder in the venture, Reliance will now own 70.49%. 

Viacom18 operates Nickelodeon and Nick Jr. channels in India, as well as the studio behind popular local kids shows such as Motu Patlu, Pakdam Pakdai and The Twisted Timeline of Sammy & Raj (pictured). It also owns Indian streaming service JioCinema, which rolled out a dedicated kids and family hub last November after stocking up on international acquisitions such as the Pokémon and Harry Potter franchises and the DreamWorks Animation catalogue.

Paramount Global will continue licensing content to Viacom18 after this transaction closes, according to a disclosure from Reliance. The growing company also recently agreed to merge Viacom18 with Disney’s business in the Indian market as part of a US$8.5-million joint-venture deal. 

Meanwhile, Paramount may have another significant deal on the horizon. Recent media reports suggest that private equity firm Apollo Global Management is considering the purchase of specific Paramount assets, and possibly even eyeing a takeover.