Under this agreement, Reliance Industries, led by Mukesh Ambani, along with its affiliates, will hold a 63.16% stake in the newly merged entity, which will include two streaming platforms and 120 television channels.
The Competition Commission of India (CCI) granted approval on Wednesday for the merger of media assets owned by Reliance Industries and Walt Disney Co, forming the largest media conglomerate in India, valued at over Rs 70,000 crore. The deal, first announced six months ago, underwent scrutiny from the CCI, which eventually approved it after the involved parties agreed to modify certain aspects of the original transaction structure.
In a post on X (formerly Twitter), the CCI stated that it has cleared the "proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited, and Star Television Productions Limited, subject to compliance with voluntary modifications." However, the regulator did not disclose the specific modifications made to the original deal.
Under this agreement, Reliance Industries, led by Mukesh Ambani, along with its affiliates, will hold a 63.16% stake in the newly merged entity, which will include two streaming platforms and 120 television channels. Walt Disney will retain the remaining 36.84% stake in what will be the largest media entity in India.
In addition, Reliance has committed nearly Rs 11,500 crore to the joint venture to strengthen its position against competitors such as Sony and Netflix. Nita Ambani, the wife of Reliance Chairman Mukesh Ambani, will lead the joint venture as chairperson, while Uday Shankar, a former Disney executive who co-founded Bodhi Tree with James Murdoch, will serve as vice chairperson.
Beyond her role as chairperson, Nita Ambani is known for her work as an educationist, philanthropist, businesswoman, and patron of the arts and sports. She also leads the Reliance Foundation, which focuses on empowering women and children throughout India.
The CCI had previously raised concerns regarding the deal, particularly about the merged entity's control over cricket broadcasting rights and its presence in the over-the-top (OTT) space, amid worries of potential anti-competitive practices. According to regulations, the CCI must issue a preliminary order within 30 days of being notified about a merger. However, if further investigation is needed, the regulator has the authority to conduct a more in-depth inquiry and hold public consultations on the matter.
The media and entertainment sector in India is witnessing a wave of mergers as companies seek to remain financially robust in a competitive market. Earlier this year, a proposed merger between Sony and Zee fell apart due to various issues, but the companies announced an amicable settlement of their disputes on Tuesday.
Reliance's media ventures are currently managed under Network 18, which operates TV18 news channels and a range of entertainment (under the 'Colors' brand) and sports channels. Network 18 also has stakes in moneycontrol.com, BookMyShow, and other publications. Additionally, its subsidiary, NW18, owns news channels CNBC and CNNNews. Reliance also owns Jio Studios, a film production company, and holds majority stakes in two listed cable distribution firms, Den and Hathway.
Disney+ Hotstar, which was launched in India in 2020 following Disney's acquisition of 21st Century Fox’s entertainment assets, includes channels like StarPlus, StarGold, and Star Sports. While Disney+ Hotstar initially grew its subscriber base through streaming cricket matches like the IPL and World Cup, it lost the digital streaming rights for the 2023-27 cycle to Reliance-backed Viacom18, which won the bid for USD 720 million, a 12.92% increase from what Star India had previously paid per match.
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