Reliance-Disney India merger deal of Rs 70,350 crore Approved by CCI
On August 28, the Competition Commission of India approved the Rs 70,350 crore merger of Reliance Industries and Disney’s Indian media assets, subject to certain voluntary modifications.
In a post on the X platform, CCI said, “The C-2024/05/1155 Commission approves the proposed combination involving Reliance Industries Limited, Viacom 18 Media Private Limited, Digital 18 Media Limited, Star India Private Limited, and Star Television Productions Limited, subject to the compliance of voluntary modifications.”
A day ahead of RIL’s 47th annual general meeting, this announcement of CCI comes. In February 2024, RIL subsidiary Viacom18 and Star India, Disney’s Indian unit, announced the merger of their businesses to create one of India’s largest TV and digital streaming platforms.
Under the terms of the agreement, Viacom18’s media operations will be merged with Star India Pvt. Ltd. (SIPL) through a court-approved scheme of arrangement. The joint venture, valued at Rs 70,350 crore ($8.5 billion) on a post-money basis, will see RIL injecting Rs 11,500 crore ($1.4 billion) into the venture to support its growth strategy.
The Reliance-Disney combine aims to compete with Sony, Netflix, and Amazon with 120 TV channels and two streaming services.
10 members will be present in new board, with RIL nominating five, Disney three, and two independent directors. The merger is expected to be completed in the last quarter of 2024 or the first quarter of 2025.