Paramount Global has agreed to sell its 13 percent stake in Indian media company Viacom18 to Reliance Industries.

The sale price is approximately $517 million, according to a new securities filing. Reliance, a multinational conglomerate, is already the majority shareholder of Viacom18.

Existing properties at Viacom18 include streaming service JioCinema and channels such as Colors, Comedy Central and MTV.

In late February, Disney signed a deal with Reliance Industries to form a joint venture bringing together Reliance’s Viacom18 and Disney’s Star India.

Under the terms of that deal, Reliance will invest $1.4 billion in the JV, which is valued at $8.5 billion. Disney will provide a content license to the JV and “may also contribute certain additional media assets to the JV, subject to regulatory and third party approvals,” the company said. The JV will also have the exclusive right to distribute Disney films and productions in India.

The completion of Paramount’s Viacom deal is subject to regulatory conditions, as well as the “completion of a previously announced joint venture involving Reliance, Viacom18 and Star Disney,” the filing said.

After closing, Paramount will still license the content to Viacom18.

The deal comes as Paramount’s own future remains uncertain. In December, the studio held discussions with Warner Bros. Discovery about a possible merger, a source confirms The Hollywood Reporter. More recently, media mogul Byron Allen submitted a $30 billion bid, including debt and equity, for Paramount Global.

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