By Reliance Industries and Walt Disney have formalized a groundbreaking deal, combining forces in a joint venture valued at Rs. 70,352 crore. This collaboration will bring together a total of 120 TV channels under one roof. The agreement involves a significant investment from Reliance, amounting to Rs. 11,500 crore in the joint venture.
As part of this strategic move, Viacom 18 and Star India, subsidiaries of Reliance, have agreed to merge their media businesses. In the merged entity, Reliance will hold a 16.34 percent stake, Viacom 18 will have 46.82 percent, and Disney will have 36.84 percent. Nita Ambani, wife of Mukesh Ambani, will assume the role of chairperson, while former Walt Disney executive Uday Shankar will serve as the vice chairman.
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, expressed enthusiasm about the collaboration, stating that it signifies the beginning of a new era in the Indian entertainment industry. He emphasized the potential to provide quality content at affordable prices to the audience, contributing to business development.
Bob Iger, CEO of Walt Disney, also shared optimism, noting that this partnership positions them to become the largest media company in the country, offering a wide range of entertainment and sports content.
The deal is contingent upon approval from regulatory bodies and stakeholders, with the anticipated completion in either the last quarter of 2024 or the first quarter of 2025. Post-merger, the combined company is poised to be a leading entertainment entity in India, encompassing 70 channels in eight languages from Star India and 38 channels from Reliance Viacom. Additionally, two streaming platforms, Disney Hotstar and GeoCinema, will be part of this extensive media umbrella.
