Bodhi Tree Systems under the leadership of Uday Shankar and James Murdoch has recently purchased a 2.89% stake, in Viacom18 for an investment of Rs 953.23 crore. This strategic move, supported by $150 million from NBC Universal and Tikehau Capital increases Viacom18s value to Rs 32,983 crore. Moreover, Uday Shankar has been actively restructuring Viacom18’s management team by bringing in industry experts such, as Kevin Vaz and Kiran Mani.
Bodhi Tree Systems, co-founded by Uday Shankar and James Murdoch, has recently increased its ownership in Viacom18, paying a substantial amount of Rs 953.23 crore for an additional 2.89% stake. The acquisition was made by the primary shareholder, Reliance Industries Ltd (RIL).
This transaction has elevated the valuation of Viacom18 to an impressive Rs 32,983 crore. As a result, Bodhi Tree’s overall stake in Viacom18 has surged to 15.97%, marking a significant progression from their initial purchase of a 13.08% stake for Rs 4,306 crore in April.
To finance this strategic stake acquisition, Bodhi Tree effectively utilized the $150 million raised from prominent entities like Comcast Corp-owned NBC Universal and global alternative asset manager Tikehau Capital.
Uday Shankar, who is currently steering the strategic course of Viacom18, has embarked on building a fresh leadership team by enlisting talent from both the media sector and external industries. A notable addition to the team is Kevin Vaz, formerly in charge of Disney Star’s entertainment division, who is now the Chief Executive overseeing TV and regional digital entertainment.
Additionally, the company has secured Kiran Mani, Google‘s General Manager and Managing Director for Android and Google Play in the Asia-Pacific region, as the head of the digital business segment. This encompasses JioCinema, a platform renowned for streaming the highly popular Indian Premier League.
The acquisition of stakes in Bodhi Tree-owned entities by NBC Universal was granted approval by the Competition Commission of India in April 2023. Through this deal, Comcast was able to establish a foothold in Viacom18 via Bodhi Tree.
Comcast, a prominent American telecom and media conglomerate, had consistently demonstrated interest in the Indian media and entertainment sector. At various junctures, Comcast had explored the possibility of acquiring stakes in both Zee Entertainment Enterprises, which is presently merging with Sony Corp’s Indian media division, and Star India, a property that eventually found its way into Walt Disney’s portfolio.
