Reliance Industries to buy Paramount's stake in Viacom18

India's Reliance Industries has agreed to buy Paramount Global's entire 13.01% stake in local entertainment network Viacom 18 Media for about $517 million (42.86 billion Indian rupees), the U.S. company said in a regulatory filing.

Viacom18 is majority-owned by Reliance and has 40 television channels, including Comedy Central, Nickelodeon and MTV.

Paramount said it will continue to license its content to Viacom18 after the closing of the deal. It already streams its content through Reliance's JioCinema.

The transaction is also subject to the completion of Reliance's previously announced merger with Walt Disney for their India TV and streaming media assets.