The Ministry of Info and Broadcasting has authorized Reliance Industries Restricted’s (RIL) switch of non-news and present affairs TV channels. These channels, at present owned by Viacom18 Media Pvt Ltd, will likely be transferred to Star India Non-public Restricted, marking a vital transfer within the three way partnership between RIL and Disney.
This approval, issued on September 27, 2024, is a part of the broader collaboration between Reliance and Disney, introduced earlier this yr. The partnership goals to consolidate key leisure manufacturers beneath one umbrella in India.
The Competitors Fee of India (CCI) had already cleared the ₹70,350 crore merger of Reliance and Disney’s Indian media property on August 28, 2024. Two days later, the Nationwide Firm Regulation Tribunal (NCLT) Mumbai bench additionally authorized the Viacom18-Star India merger.
The alliance between RIL and Disney is about to problem main opponents like Sony, Netflix, and Amazon, with the mixed entity providing 120 TV channels and two streaming platforms.
The merger is predicted to be finalised by late 2024 or early 2025, strengthening their dominance in India’s leisure market.
Following the switch, Star India will reportedly emerge as the primary working firm, with Reliance holding a 56% stake. Walt Disney will personal 37% of the mixed entity, whereas Uday Shankar and James Murdoch’s Bodhi Tree Techniques, a minority stakeholder in Viacom18, will maintain the remaining 7%.
The boards of Star India and Viacom18 are anticipated to satisfy quickly to finalise the efficient date of the merger.
Nita Ambani, chairperson of Reliance Basis, and Akash Ambani, chairman of Reliance Jio Infocomm, lately joined the Viacom18 board, in response to an Financial Occasions report.
Different key figures embody James Murdoch and Mohammed Ahmed Al-Hardan from Qatar Funding Authority, an investor in Bodhi Tree, together with Jyoti Deshpande, president of media and content material at Reliance Industries, and Shuva Mandal of Anagram Companions.
Publish-merger, Nita Ambani will grow to be chairperson of the newly fashioned entity, with Uday Shankar, former head of Star India and seasoned media govt, serving as vice-chairperson.
