Huge win for Reliance, Modi govt approves transfer of License from Viacom18 to Star India

RIL, Viacom18 and The Walt Disney Company (Disney) signed the binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India.

By  Storyboard18Sep 30, 2024 5:58 PM
Huge win for Reliance, Modi govt approves transfer of License from Viacom18 to Star India
RIL, Viacom18 and The Walt Disney Company (Disney) signed the binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India.

The Modi government has approved the transfer of licenses relating to non-news and current affairs TV channels held by Viacom18Media in favor of Star India Private Limited. In February this year, RIL-owned Viacom 18 Media and US-based The Walt Disney Company-owned Star India had announced the merger to create a Joint Venture.

In its regulatory filing, Reliance Industries informed the stock exchanges that the Ministry of Information and Broadcasting (I&B), Government of India, vide its order dated September 27, 2024, has granted its approval for transfer of Licenses relating to Non News & Current Affairs TV channels held by Viacom18 Media Private Limited. “This in favour of Star India Private Limited subject to conditions laid by Competition Commission of India.”

RIL, Viacom18 and The Walt Disney Company (Disney) signed the binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited through a court approved scheme of arrangement.

The transaction valued the JV at Rs 70,352 crore and RIL had agreed to invest at closing Rs 11,500 crore (approximately USD 1.4 billion) into the JV for its growth strategy. The merger had got approval from the Competition Commission of India (CCI) in August with few observations.

First Published on Sep 30, 2024 2:09 PM

More from Storyboard18

How it Works

Asaram Documentary: SC orders police protection for Discovery Execs, offices

Asaram Documentary: SC orders police protection for Discovery Execs, offices

How it Works

Users cry foul: Apple, HDFC Ergo, Zopper in trouble over 'India Gets Moving' campaign

Users cry foul: Apple, HDFC Ergo, Zopper in trouble over 'India Gets Moving' campaign

How it Works

Zomato rebrands as ‘Eternal’ to embark on new corporate journey: Experts decode the move

Zomato rebrands as ‘Eternal’ to embark on new corporate journey: Experts decode the move

How it Works

Patanjali misleading ads case: Baba Ramdev, Acharya Balkrishna move Kerala Court to recall non-bailable warrant

Patanjali misleading ads case: Baba Ramdev, Acharya Balkrishna move Kerala Court to recall non-bailable warrant

How it Works

India’s creator economy sees 322% growth, surpassing 4 million influencers in 2024: Qoruz Report

India’s creator economy sees 322% growth, surpassing 4 million influencers in 2024: Qoruz Report

How it Works

Google ads costs soar: CPCs up 30%-100% across key industries, brands are fighting back

Google ads costs soar: CPCs up 30%-100% across key industries, brands are fighting back

How it Works

Radio ad volumes surge 80% in 2024 vs. 2020; Gujarat leads with 18% share

Radio ad volumes surge 80% in 2024 vs. 2020; Gujarat leads with 18% share

How it Works

Parliament committee to discuss 'demands for grants' for MIB on February 13

Parliament committee to discuss 'demands for grants' for MIB on February 13