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Mukesh Ambani's Reliance, Disney complete Rs 70352 crore media merger, to be headed by...
The Ambani-led company has invested Rs 11,500 crore (USD 1.4 billion) for its growth.
Updated : Nov 14, 2024, 07:19 PM IST
 "Mukesh Ambani")
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Reliance Industries, led by Asia's richest man Mukesh Ambani, has completed the merger of its media assets with the India business of global media house Walt Disney to form a new joint venture worth Rs 70,352 crore. The Ambani-led company has invested Rs 11,500 crore (USD 1.4 billion) for its growth and it will be headed by Nita Ambani as its chairperson, according to a joint statement.
Reliance Industries holds a 16.34 per cent stake in the JV, while its step-down unit Viacom18 holds 46.82 per cent and Disney the rest 36.84 per cent. "Nita M. Ambani will be the Chairperson of the JV, with Mr. Uday Shankar as Vice Chairperson providing strategic guidance to the JV," it said.
Viacom 18 Media and The Walt Disney Company have already received necessary approvals from authorities such as CCI and NCLT for the merger of the media and JioCinema businesses of media and JioCinema businesses of Viacom18 into Star India.
The JV will be one of the largest media and entertainment companies in India with pro forma combined revenue of approximately Rs 26,000 crore (USD 3.1 billion) for the fiscal year ended in March 2024. Commenting on the development, Mukesh Ambani said: "With the formation of this JV, the Indian media and entertainment industry is entering a transformational era."
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He added, "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 and wish it all the success,” he said.
The JV operates over 100 TV channels and produces more than 30,000 hours of TV entertainment content annually. The JioCinema and Hotstar digital platforms have an aggregate subscription base of over 50 million. The JV holds a portfolio of sports rights across cricket, football and other sports.
(Except for the headline, this story has not been edited by DNA staff and is published from PTI)
