Reliance, Disney announce deal to create $8.5 billion media goliath
Reliance Industries Limited (RIL), Viacom 18 Media, and The Walt Disney Company have agreed to merge Viacom18 and Star India to create a joint venture that will be valued at Rs 70,352 crore ($8.5 billion).
Viacom18's media business will be merged into Star India through a court-approved arrangement as part of the transaction. RIL has committed to investing Rs 11,500 crore ($1.4 billion) into the JV for its growth strategy.
RIL, Viacom18, and Disney will own and control 16.34%, 46.82%, and 36.84% of the JV, respectively. Disney may contribute additional media assets to the JV, pending regulatory and third-party approvals.
Nita Ambani will serve as the Chairperson of the JV, while Uday Shankar will provide strategic guidance to the JV as its Vice Chairperson.
The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment and sports including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar.
The JV will have over 750 million viewers across India and will also cater to the Indian diaspora across the world.
The JV will also be granted exclusive rights to distribute Disney films and productions in India, with a license to more than 30,000 Disney content assets, providing a full suite of entertainment options for the Indian consumer.
Speaking about the JV, RIL CMD Mukesh D Ambani said, “This is a landmark agreement that heralds a new era in the
