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Paramount Global has reported a non-cash gain of $168 million from diluting its stake in Indian media conglomerate Viacom18. In April, Paramount's stake in Viacom18 dropped to 13% after a strategic transaction involving Reliance Industries Limited (RIL) and Bodhi Tree Systems. RIL entities and Bodhi Tree Systems invested Rs 15,145 crore in Viacom18, resulting in Paramount no longer accounting for it under the equity method.

Kevin's mandate will be to drive the company's overall TV business, which comprises almost 38 channels across multiple genres including general entertainment, movies, regional, and kids. In addition to this, he will also spearhead the regional content and marketing for the digital business.

The industrialist is likely to make an announcement regarding this during RIL's next annual general meeting (AGM), the report added.

Sensex rises 723 points to 57,542 and Nifty gains 209 points to 17,248 in the afternoon session.

Sensex rises 921 points to 57,740 and Nifty gains 268 points to 17,306 in the afternoon session.