Reliance, Disney India complete media assets merger for ₹70000 crore joint venture

As previously announced, the joint venture will be headed by Reliance Foundation Chairperson Nita Ambani.

Published on: Nov 14, 2024, 20:31:42 IST

By HT News Desk, New Delhi

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Reliance Industries Limited (RIL) has completed the merger of its media assets with the India business of Walt Disney for an $8.5 billion ( ₹70,352 crore) joint venture (JV) that will be controlled by the Mukesh Ambani-led conglomerate.

Disney and Reliance logos are seen in this illustration (REUTERS)

Also Read: Mega Reliance-Disney merger gathers steam

As announced earlier, Reliance Foundation Chairperson Nita Ambani will head the JV, in which RIL has invested $1.4 billion ( ₹11,500 crore).

Speaking on the merger, RIL chairman Mukesh Ambani called it “a transformational era” for the Indian media and entertainment industry.

“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,” a statement quoted him as saying.

Other key people: Ex-Walt Disney executive Uday Shankar is the project's Vice Chairperson. Shankar will provide “strategic guidance,” according to an official statement.

Who gets how much stake: Reliance holds a 63.16% stake, of which 16.34% is with RIL and 46.82% with Viacom18. The remaining 36.84% stake is with Walt Disney.

About the JV: It will be among the largest media and entertainment companies in India with pro forma combined revenue of $3.1 billion (approximately ₹26,000 crore) for the fiscal year ending in March 2024.

The JV operates more than 100 TV channels and produces 30,000+ hours of TV entertainment content annually. It holds a portfolio of sports rights across cricket, football and other sports.

Also Read: How Mukesh Ambani-led Reliance-Disney tie-up can change cricket viewing in India

Viacom18 Media and Walt Disney have already received the necessary approvals required from authorities -- such as CCI and NCLT -- for the merger of the media and JioCinema businesses of Viacom18 into Star India, the former Disney India.

(With PTI inputs)

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HT News Desk
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