Mukesh Ambani’s company Viacom18, which is the firm which heads its venture JioCinema, has signed a massive deal with Blackstone for a new office in Mumbai.
Mukesh Ambani’s Viacom18, which is now giving tough competition to platforms like Hotstar and Disney, is all set to get a new lavish office in Mumbai after signing a deal with Blackstone, which is one of the largest asset management firms in India.
Mukesh Ambani’s company Viacom18 is currently managing the new streaming service of Reliance – JioCinema – and has signed a deal with Blackstone-owned Nucleus Office Parks in an effort to open the new headquarters of the company in Mumbai.
According to a report by The Hindu, the office building will be in Mumbai’s Lower Parel area and will be spread across eight floors in the One International Centre complex in the area, which is one of the prime and most posh office locations in the city.
With a massive relocation of this type being highly rare in nature, the source also revealed that the rent paid by Mukesh Ambani’s company is set to be massive. According to the source, Viacom18 and JioCinema will move into the new office before December 2023.
According to the sources quoted by The Hindu, the monthly rent paid by Mukesh Ambani’s firm to Blackstone’s Nucleus Office Parks will be a whopping Rs 6 crore per month (USD 772,178). However, Viacom18 has not commented on the development yet.
After expanding his offices, Mukesh Ambani is set to become an even bigger player in the Indian TV industry, with channels such as MTV, Nickelodeon, and Comedy Central in India under his belt, becoming the biggest competitor of Disney+ Hotstar.
Meanwhile, Mukesh Ambani’s JioCinema is also set to see a massive increase in revenue in view of the recently purchased cricket rights for all Indian cricket team matches. Previously, all the major cricket matches were streamed on Disney+ Hotstar.
Mukesh Ambani’s team-up with Blackstone, a firm with revenue of Rs 1.036 lakh crore, is set to take Viacom18 to a new height.
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