Reliance Industries Limited has announced the successful completion of its merger with the Indian operations of global media giant Walt Disney, solidifying a new joint venture that includes Viacom 18 Media Private Limited. This partnership follows regulatory approvals from the National Company Law Tribunal (NCLT) in Mumbai, the Competition Commission of India (CCI), and other pertinent authorities. The joint venture is valued at approximately Rs. 70,352 crores on a post-money basis, according to Reliance officials.
Reliance and Disney Finalize Merger
In an official statement, Reliance confirmed the merger’s completion after receiving the necessary regulatory endorsements. This milestone follows the strategic partnership announcement made in February, which aimed to establish a collaborative venture. Reliance has invested Rs. 11,500 crores in this new joint entity and retains a 16.34 percent stake. Viacom 18, as a participant of the partnership, holds a significant 46.82 percent, while Disney possesses the remaining 36.84 percent share.
The formation of the joint venture will lead to the integration of popular television channels Star and Colors, alongside the unification of digital platforms JioCinema and Hotstar. Nita Ambani has been appointed as the Chairperson of this new entity.
According to the press release, the joint venture commands an impressive cumulative revenue of around Rs. 26,000 crores for the fiscal year ending March 2024. It is poised to manage over 100 television channels, producing more than 30,000 hours of content each year.
On the digital front, Reliance reports that JioCinema and Disney+ Hotstar together boast a subscriber count exceeding 50 million. This figure does not factor in any users who may subscribe to both services. Furthermore, the joint venture also possesses digital broadcasting rights for various sports, including cricket and football.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, commented on the merger’s significance, stating, “Our deep creative expertise and relationship with Disney, along with our unmatched understanding of the Indian consumer will ensure unparalleled content choices at affordable prices for Indian viewers.”
