New Delhi: India's anti-trust regulator has approved Reliance Industries Ltd's Rs 70,350 crore merger with Disney's Indian media assets, subject to specific voluntary modifications, paving the way for a media giant.
The proposed combination involves Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), Digital18 Media Limited, Star India Private Limited (SIPL) and Star Television Productions Limited (STPL), subject to the compliance of voluntary modifications.
"Commission approves the proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications," the Competition Commission of India (CCI) said in a post on X platform.
C-2024/05/1155 Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications. pic.twitter.com/S2JVzw2VgR
— CCI (@CCI_India) August 28, 2024
Disney-Star holds exclusive digital and TV rights to ICC events (2024-2027) and IPL (2023-2028), while Jio has IPL streaming rights. The CCI’s decision precedes Reliance Industries' 47th AGM on August 29.
In February, Viacom18 (a Reliance unit) and Disney’s Star India merged their media operations to form India’s largest TV and digital streaming company, valued at Rs 70,350 crore, Monycontrol reported.
The merger will consolidate Viacom18’s media business with Star India Pvt Ltd under a court-approved scheme, with RIL injecting Rs 11,500 crore to fuel growth, according to the report.
The new entity will feature 120 TV channels and two streaming platforms, positioning the Reliance-Disney joint venture to compete with Sony, Netflix, and Amazon.
The board will have 10 members: five from RIL, three from Disney, and two independent directors. Completion of the merger is anticipated by late 2024 or early 2025.
Nita Ambani will be the Chairperson, and former Disney executive Uday Shankar will serve as Vice Chairperson. Ownership stakes will be RIL at 16.34%, Viacom18 at 46.82%, and Disney at 36.84%, with RIL maintaining control, according to the report.
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