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Reliance and Disney form a joint venture to merge TV, OTT business in India.

John

29/Feb/2024

Reliance Industries, Viacom18 Media, and The Walt Disney Corporation have forged a landmark deal to merge the television and digital streaming operations of Viacom18 and Star India, heralding the creation of a colossal entertainment entity in India. Valued at US$ 8.5 billion (Rs. 70,352 crore) post-money, the joint venture, as highlighted in a joint statement, excludes synergies.

In this strategic move, Viacom18's media business, a subsidiary of Reliance Industries Limited (RIL), will merge into Disney-owned Star India Private through a court-approved scheme. Reliance Industries will infuse US$ 1.4 billion (Rs. 11,500 crore) into the joint venture to fuel its post-closure growth strategy. Leading the venture will be Ms. Nita M Ambani as chairperson, with Mr. Uday Shankar, a seasoned media professional, appointed as vice-chairperson.

The joint venture will predominantly be under RIL's control, directly holding 16.34% and 46.82% through Viacom18, while Disney will retain the remaining 36.84%. Mr. Mukesh Ambani, Chairman and MD of RIL, hailed the agreement as a transformative development in India's entertainment landscape. Mr. Bob Iger, CEO of The Walt Disney Company, praised India's vast market potential and emphasized the partnership's goal to create lasting value. Mr. Uday Shankar, co-founder of Bodhi Tree Systems, underscored the joint venture's dedication to providing unparalleled value to audiences, advertisers, and partners, positioning it as a pivotal force in shaping India's entertainment future and advancing the Digital India initiative. The venture will integrate a diverse range of media assets, encompassing entertainment and sports, including prominent channels like Colors, StarPlus, StarGOLD, and Star Sports, alongside access to highly anticipated events across television and digital platforms through JioCinema and Hotstar. With a viewership base surpassing 750 million across India and catering to the global Indian diaspora, the joint venture is set to redefine the entertainment landscape.

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Reliance and Disney form a joint venture to merge TV, OTT business in India.

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