MUKESH AMBANI-led Reliance Industries has finalised the merger of its media assets with the Indian operations of Walt Disney, forming a joint venture valued at over £6.6 billion.
This venture is set to become one of India's largest media and entertainment companies, with a combined annual revenue of approximately £2.45bn.
The joint venture (JV), led by Nita Ambani as chairperson, integrates Viacom18's media and JioCinema businesses with Star India. Shares were allotted to Viacom18 and Reliance Industries Limited (RIL) as consideration for the transaction, which excludes synergy valuations. The JV is controlled by RIL, holding 16.34 per cent, with Viacom18 owning 46.82 per cent and Disney retaining 36.84 per cent.
In a separate deal, Reliance acquired Paramount Global's 13.01 per cent stake in Viacom18 for £333 million, raising its ownership in Viacom18 to 70.49 per cent. The remaining stakes are held by Network18 Media & Investments Ltd (13.54 per cent) and Bodhi Tree Systems (15.97 per cent), an investment platform led by James Murdoch and Uday Shankar.
The JV will be spearheaded by three CEOs: Kevin Vaz (entertainment), Kiran Mani (digital), and Sanjog Gupta (sports). Together, they will oversee an expansive operation, including broadcasting rights for major sporting events such as the IPL, ICC, and BCCI matches, as well as a robust portfolio of football and other sports.
The JV will operate over 100 TV channels and produce more than 30,000 hours of TV content annually. With OTT platforms JioCinema and Hotstar boasting over 50 million subscribers, the venture aims to compete with global giants like Amazon, Netflix, and SonyLiv.
Its combined offerings include popular brands like Star and Colours (TV) and JioCinema and Hotstar (digital).
Nita Ambani will serve as chairperson, with Uday Shankar as vice chairperson, providing strategic guidance. The JV has already secured mandatory regulatory approvals, including clearance from the Competition Commission of India (CCI) and anti-trust authorities in the EU, China, Turkey, South Korea, and Ukraine.
Reliance chairman Mukesh Ambani said, "With the formation of this JV, the Indian media and entertainment industry is entering a transformational era.
"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. I am very excited about the JV's future and wish it all the success."
Robert A Iger, CEO, The Walt Disney Company, said this is an exciting moment for our two companies
"By joining forces with Reliance, we are able to expand our presence in this important media market and deliver viewers an even more robust portfolio of entertainment, sports content, and digital services," he said.
"The JV is home to the most iconic and engaging media brands in India across TV and digital platforms. The combination of 'Star' and 'Colors' on the television side and 'JioCinema' and 'Hotstar' on the digital front will provide an extensive choice of content across entertainment and sports to viewers in India and globally."
(PTI)
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