'Beginning of new era in India's ent industry': Mukesh Ambani on RIL-Disney $8.5 billion merger
In February 2024, Viacom18, a unit of RIL, and Disney's Star India merged their media businesses in a bid to create India's largest TV and digital streaming entity
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Reliance Industries Chairman and Managing Director Mukesh Ambani on Thursday called the $8.5 billion merger of Disney India with RIL the "beginning of a new era". During the 47th Annual General Meeting of Reliance Industries, Ambani said, " We are combining content creation with digital streaming. Our digital-first approach will deliver unparalleled content at affordable prices. We will cater to every consumer's tastes. We will provide world-class digital entertainment across the spectrum. We are excited about this partnership".
"I warmly welcome Disney to the reliance family," the billionaire added.
This week, the Competition Commission of India (CCI) approved RIL's Rs 70,350 crore merger with Disney's India media asset.
"Commission approves the proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd, and Star Television Productions Ltd, subject to the compliance of voluntary modifications," the CCI said in a post on X platform.
In February 2024, Viacom18, a unit of RIL, and Disney's Star India merged their media businesses in a bid to create India's largest TV and digital streaming entity. With the merger, Viacom18’s media operations will be merged with Star India Pvt Ltd (SIPL).
Disney-Star holds the exclusive digital and TV rights to ICC events till 2027 and IPL broadcasting rights till 2028. Whereas Jio has secured IPL streaming rights.
Now, after the merger, the new board will have 10 members, with RIL nominating five, Disney three, and two independent directors. Nita Ambani will assume the role of Chairperson of the merged entity, and former Walt Disney executive Uday Shankar will be the Vice Chairperson.
In the latest joint venture, RIL holdings would be 16.34%, Viacom18 at 46.82%, and Disney at 36.84. However, RIL would retain control under the merger terms.
