Reliance gets the government’s approval to transfer Viacom18’s non-news and current affairs TV channel licences to Star India as part of their merger. The approval, granted on Friday, September 27, 2024, comes with conditions set by the Competition Commission of India (CCI). This decision follows the CCI’s approval of the merger between Reliance and Disney’s entertainment businesses, valued at over ₹70,000 crore ($8.5 billion), granted nearly a month ago on August 28, 2024. The merger will create what could potentially be India’s largest entertainment entity, combining TV and digital viewership of over 750 million across 120 TV channels and two streaming platforms.
The merger, first announced in February 2024, involves Reliance Industries, Viacom18 Media, Digital18 Media, The Walt Disney Company’s Star India, and Star Television Productions. Under the terms, Reliance will hold a 63.16% stake in the combined entity, with Disney holding the remaining 36.84%. Reliance Industries, India’s Most Valuable Firm, is committed to investing around ₹11,500 crore into the joint venture. This investment will strengthen the company and help it compete with rivals like Netflix and Japan’s Sony in India’s entertainment market.
The new entity is expected to be operational by late 2024 or early 2025 and will have Nita Ambani as chairperson, while former Disney executive Uday Shankar will serve as vice-chairperson. This joint venture is set to compete with global players like Netflix, Amazon, and Sony in India’s fast-growing entertainment market.
