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As part of the JV, RIL has also agreed to invest Rs 11,500 crore ($ 1.4 billion) for its growth strategy. The transaction values the JV at Rs 70,352 crore ($ 8.5 billion) on a post-money basis, excluding synergies. Representational image: iStock

Reliance-Disney merger gets CCI nod: 120 TV channels, 2 streaming platforms in kitty

Under the deal, Reliance Industries and its affiliates will hold 63.16 per cent of the combined entity. Walt Disney will hold the remaining 36.84 per cent stake


Reliance and Disney are set to dominate Indian entertainment and sports as the Competition Commission of India (CCI) on Wednesday (August 28) approved the merger of the media assets of the two companies to create the country’s largest media empire worth over Rs 70,000 crore.

In February, Mukesh Ambani’s Reliance Industries Limited (RIL), Viacom 18 Media Private Limited and The Walt Disney Company announced the signing of binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India.

Nita Ambani to head

As part of the JV, RIL has also agreed to invest Rs 11,500 crore ($ 1.4 billion) for its growth strategy. The transaction values the JV at Rs 70,352 crore ($ 8.5 billion) on a post-money basis, excluding synergies.

The CCI, in a post on X (formerly Twitter), said it has cleared 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”.

Under the deal, Reliance Industries and its affiliates will hold 63.16 per cent of the combined entity. Walt Disney will hold the remaining 36.84 per cent stake.

Nita Ambani, wife of billionaire and Reliance chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will be the vice chairperson.

Shankar is a former top Disney executive and has a joint venture with James Murdoch called Bodhi Tree.

120 channels, 2 streaming platforms

As part of the deal, the media undertaking of Viacom18 will be merged into Star India Private Limited (SIPL).

The merged Reliance-Disney entity will have 120 TV channels plus two digital streaming platforms.

For Indian TV and digital viewers, top entertainment, movies, sports will be available under one roof and the merger is likely to increase advertisement revenues.

Big-time cricket including IPL on Reliance-Disney

Star has TV rights of the Indian Premier League (IPL) while Viacom18 has digital rights till 2027. Also, Reliance-Disney have the rights for International Cricket Council’s (ICC) matches (both TV and digital), BCCI’s domestic cricket matches, Wimbledon tennis, Pro Kabaddi League (PKL), among others.

Disney has about 80 TV channels in nine languages – known for Hindi entertainment, cricket, Hollywood movies among others, and Viacom18 has 40 channels in eight languages across general entertainment, movies, sports, youth, music and kids genres.

JioCinema, Viacom18’s OTT platform, is one of India’s leading streaming services and most popular destinations for live sports including the Indian Premier League (IPL).

Leaving their rivals far behind

According to news agency Reuters, the merged entity’s business will be much larger than rivals such as Japan's Sony, Netflix and India’s Zee Entertainment in the country’s $28 billion media and entertainment sector.

With a television network that reaches more than 750 million viewers in nine different languages every month and a streaming platform (Disney+ Hotstar) that has transformed the way India consumes entertainment, Disney Star is a leading media and entertainment company in the country.

The organisation’s entertainment portfolio generates more than 20,000 hours of original content every year. With leadership positions in every segment it occupies, Disney Star has been redefining the media landscape for more than 30 years now.

The Reliance-Disney merger 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 (e.g. Colors, Star Plus, Star GOLD, Star Movies, MTV, Comedy Central, VH1) and sports (e.g. Star Sports and Sports18) including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar.

750 million viewers across India

The merger will have an estimated over 750 million viewers across India and will also cater to the Indian diaspora across the world.

According to the JV, Reliance 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.

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