Reliance, Disney India merge streaming, TV assets to create ₹70,352 crore media powerhouse; 5 key highlights
₹70,352 crore-media behemoth. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India through a court-approved scheme of arrangement. Nita M Ambani will be the chairperson of the joint venture (JV) with Uday Shankar as Vice chairperson providing strategic guidance to the joint venture.
The transaction is subject to regulatory, shareholder and other customary approvals. It is expected to be completed in the last quarter of calendar year 2024 or the first quarter of 2025. Reliance and its affiliates will hold a 63.16 per cent stake in the combined entity while Disney will have the remaining 36.84 per cent shareholding.
"The JV will be controlled by RIL and owned 16.34 per cent by RIL, 46.82 per cent by Viacom18 and 36.84 per cent by Disney," said Reliance Industries in its statement. Disney may also contribute certain additional media assets to the joint venture, subject to regulatory and third-party approvals. Reliance has also agreed to invest at closing ₹11,500 crore into the joint venture to grow the over-the-top (OTT) business.
Read more on livemint.com
