Paramount Global, a New York-based media company, is reportedly in discussions to sell its minority stake in Viacom18 Media Pvt. to Reliance Industries Ltd., helmed by Mukesh Ambani, according to sources familiar with the matter. This potential move signifies Ambani’s ongoing efforts to strengthen his presence in India’s rapidly expanding entertainment market, consolidating his influence as Asia’s wealthiest individual.

The talks between Paramount and Reliance are said to be at an advanced stage, although they are subject to change and may not culminate in a final agreement, the sources cautioned. Representatives for Paramount, Viacom18, and Reliance declined to comment on the matter.

Paramount, which owns CBS, MTV, and other prominent networks, has been actively divesting assets to alleviate its debt burden, including the recent sale of its Simon & Schuster book publishing arm. Additionally, the company is considering an offer from producer David Ellison to acquire the Redstone family’s controlling stake and integrate his Skydance Media studio into Paramount.

If Paramount proceeds with the sale of its stake in Viacom18, it could potentially generate up to $550 million, according to estimates from Bloomberg Intelligence. This influx of funds could be directed towards debt reduction initiatives. Following reports of the potential sale, Paramount shares saw a 3.4% increase, reaching $10.56 as of midday in New York.

Viacom18 has played a pivotal role in Reliance Group’s foray into the media sector in recent years, aligning with Ambani’s strategic shift towards consumer-centric and technology-driven businesses. Notably, Viacom18 outbid Walt Disney Co. in 2022 to secure the streaming rights for the Indian Premier League (IPL) cricket tournament. Last month, Disney and Reliance finalized a merger agreement for their Indian media operations, indicating a trend of global conglomerates yielding ground to local powerhouses.

Disney’s decision to merge with Reliance followed challenges in retaining subscribers, exacerbated by Reliance’s disruptive entry into the sports broadcasting arena with free streaming of IPL cricket matches in India. Additionally, Viacom18’s recent partnership with Warner Bros. Discovery Inc. dealt a blow to Disney’s market position in India. Meanwhile, Sony Group Corp.’s efforts to expand its presence suffered a setback after its proposed merger with Zee Entertainment Enterprises Ltd. collapsed due to prolonged disagreements with Zee founders.