2024-10-15 10:42:44 :
The merger of Reliance Industries’ media assets and Walt Disney’s India operations is expected to be completed by the end of the third quarter of fiscal 2025, according to a recent regulatory filing by Mukesh Ambani-led Reliance Group. PTI the report said.
The Competition Commission of India (CCI) has approved the merger of Viacom 18 and Star India, while the National Company Law Tribunal (NCLT) has also approved the plan. according to PTI Reliance Industries said in its quarterly earnings report, “The companies are in the process of obtaining other approvals required to complete the transaction, which is expected to close in the third quarter of FY25.”
NCLT approved the merger of Reliance Group’s TV18 Broadcast and E18 with Network18 Media & Investments, with effect from October 3. In addition, on September 27, the Indian government approved the transfer of non-news and current affairs TV channel licenses held by Reliance Group. According to Star India, a media entity of Reliance Industries PTI Report.
Both parties are in the final stages of the merger and are making adjustments to comply with CCI directives. According to reports, NCLT approved the merger plan on August 30, which involves transfer of media business from Viacom18 and Jio Cinema to Digital18, followed by demerger and transfer of V18 business from Digital18 to Star India.
Reliance inks deal with Disney to create conglomerate worth $8.5 billion
The merger will create India’s largest media conglomerate, worth more than 700 billion rupees (about 8.5 billion U.S. dollars). The combined entity will have two streaming services and 120 television channels. Reliance Industries and its affiliates will own 63.16% of the new entity, while Walt Disney will hold the remaining 36.84%.
Reliance Industries has pledged to invest nearly 11,500 crore rupees ($1.4 billion) in the venture to make it more competitive with rivals such as Sony and Netflix. Mukesh Ambani’s wife Nita Ambani will lead the venture, with Uday Shankar as vice chairman.
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