The merger between Reliance Industries’ media assets and Walt Disney’s India business is on track for completion by the end of the third quarter of fiscal year 2025, according to a recent regulatory filing by the Mukesh Ambani-led Reliance group, newswire PTI reported.
The Competition Commission of India (CCI) has already approved the merger of Viacom 18 and Star India, while the National Company Law Tribunal (NCLT) has sanctioned the scheme. According to PTI Reliance Industries stated in its quarterly earnings report, “The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25.”
The NCLT sanctioned the merger of Reliance group’s TV18 Broadcast and E18 with Network18 Media & Investments, which took effect on October 3. Additionally, on September 27, the Indian government approved the transfer of licenses for non-news and current affairs TV channels held by Reliance Industries’ media entities to Star India, as per the PTI report.
Both parties are in the final stages of the merger, making adjustments to comply with CCI directives. The NCLT approved the merger scheme on August 30, which involves the transfer of media operations from Viacom18 and Jio Cinema to Digital18, followed by the demerger and transfer of V18 Undertaking from Digital18 to Star India, as per the report.
Reliance-Disney deal to create $8.5 billion conglomerate
This merger is set to create India’s largest media conglomerate, valued at over 70,000 crore rupees (approximately $8.5 billion). The combined entity will hold two streaming services and 120 television channels. Reliance Industries and its affiliates will own 63.16 per cent of the new entity, while Walt Disney will hold the remaining 36.84 per cent.
Reliance Industries has committed to investing nearly 11,500 crore rupees (about $1.4 billion) into the joint venture to boost its competitiveness against rivals like Sony and Netflix. Nita Ambani, wife of Mukesh Ambani, is set to lead the joint venture, with Uday Shankar as vice-chairperson.
