dependence Industries has completed the merger of its media assets with the Indian business of global media house Walt Disney. With this, a new joint venture worth Rs 70,352 crore will be born. According to a joint statement by both companies, Reliance Industries has invested Rs 11.5 billion ($1.4 billion) in this joint venture. The president of the joint venture will be Nita Ambani herself. According to the statement, “After adding external investment in this transaction, the value of the joint venture is estimated at Rs 70,352 crore ($8.5 billion).”
Reliance Industries has full control of the joint venture.
Once the deal is completed, control of the joint venture will remain with Reliance Industries. Reliance Industries holds a 16.34 per cent stake in this joint venture, while its subsidiary Viacom 18 will hold a 46.82 per cent stake in the joint venture. Disney will own the remaining 36.84 percent of the company. “Nita Ambani will be the chairperson of this joint venture, while Uday Shankar will be the vice-chairman,” the statement said.
Approval for the merger had already been received from CCI and NCLT.
Viacom 18 Media and Walt Disney had already received approval from authorities such as the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT) for the merger of Viacom 18 media and JioCinema business with Star India. This joint venture will be one of the largest media and entertainment companies in India, with total revenue of around Rs 26,000 crore (US$3.1 billion) during the latest financial year (2023-24) ending March 2024. .
The joint venture will have more than 100 television channels.
The joint venture has more than 100 television channels and produces more than 30,000 hours of television entertainment content annually. The total customer base of JioCinema and Hotstar digital platforms is more than 5 crore. The joint venture has a portfolio of sports rights in cricket, football and other sports.
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