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Reliance, Disney, announce mega merger in Indian entertainment sector

Northeast NewsbyNortheast News
February 28, 2024
in Business
Reliance, Disney, announce mega merger in Indian entertainment sector

Representational image.

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In a groundbreaking move set to redefine the landscape of the Indian entertainment industry, Reliance’s Viacom18 Media Private Limited and The Walt Disney Company have announced the signing of a joint venture.

This venture will merge the operations of Viacom18 and Star India, marking a significant milestone in the evolution of the country’s media landscape.

Under the terms of the agreement, the media assets of Viacom18 will be integrated into Star India Private Limited (SIPL) through a court-approved scheme of arrangement.

Additionally, RIL has committed to injecting ₹11,500 crore into the joint-venture to fuel its growth strategy.

The valuation of the venture stands at ₹70,352 crore post-money, excluding synergies.

Following the completion of the transaction, Reliance Industries Limited (RIL) will assume control of the joint-venture owning 16.34%, with Viacom18 and Disney holding 46.82% and 36.84%, respectively.

Moreover, Disney may contribute additional media assets to the joint-venture, pending regulatory and third-party approvals.

Nita M. Ambani will serve as the Chairperson of the joint venture with Uday Shankar appointed as Vice Chairperson to provide strategic guidance.

The newly formed venture is poised to emerge as a leading TV and digital streaming platform for entertainment and sports content in India.

With access to a vast array of iconic media assets spanning entertainment (e.g., Colors, StarPlus, StarGOLD) and sports (e.g., Star Sports and Sports18), including highly anticipated events through JioCinema and Hotstar, the merger is set to reach over 750 million viewers across the nation and cater to the Indian diaspora worldwide.

Furthermore, with Disney’s acclaimed films and shows complementing Viacom18’s extensive productions and sports offerings, the joint-venture pledges to offer an innovative and affordable entertainment experience to audiences in India and the global Indian diaspora.

Notably, the joint-venture will hold exclusive distribution rights for Disney films and productions in India, with access to over 30,000 Disney content assets, enriching the entertainment options available to Indian consumers.

Commenting on the partnership, Mukesh D Ambani, Chairman & Managing Director of Reliance Industries, expressed his excitement, highlighting the strategic significance of the collaboration in delivering unparalleled content to audiences nationwide.

The transaction, subject to regulatory and shareholder approvals, is expected to conclude in the last quarter of 2024 or the first quarter of 2025.

Goldman Sachs, Skadden, Arps, Slate, Meagher & Flom LLP, Khaitan & Co, Shardul Amarchand Mangaldas & Co, and Ernst & Young are among the key financial and legal advisors involved in the transaction, reflecting the significance and complexity of this collaboration.

Tags: joint-ventureReliance IndustriesThe Walt Disney CompanyViacom 18
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