Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), and The Walt Disney Company (Disney) have announced the completion of their merger, following regulatory approvals from the NCLT Mumbai, the Competition Commission of India (CCI), and other authorities. The merger combines Viacom18’s media and JioCinema businesses with Star India Private Limited (SIPL), creating a new joint venture (JV). As part of the deal, RIL has invested ₹11,500 crore (~US$ 1.4 billion) into the JV, which is valued at ₹70,352 crore (~US$ 8.5 billion).
The JV is now controlled by RIL, which holds 16.34%, with Viacom18 owning 46.82% and Disney holding 36.84%. Mrs. Nita M. Ambani will chair the JV, with Mr. Uday Shankar as Vice Chairperson. The JV will combine leading brands like ‘Star,’ ‘Colors,’ ‘JioCinema,’ and ‘Hotstar,’ offering a wide range of entertainment and sports content to Indian and global audiences.
The new venture is one of India’s largest media and entertainment companies, with a projected revenue of ₹26,000 crore (~US$ 3.1 billion) for FY 2024. The JV operates over 100 TV channels, produces 30,000+ hours of content annually, and has a combined digital subscriber base of over 50 million.
RIL has also bought out Paramount Global’s 13.01% stake in Viacom18 for ₹4,286 crore, increasing its ownership in Viacom18 to 70.49%.