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The Competition Commission of India (CCI) on Wednesday approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country’s largest media empire worth over Rs 70,000 crore. The deal, announced six months ago, faced scrutiny by the anti-trust regulator and the approval has come after the parties proposed certain modifications to the original transaction structure.
In a post on X, the regulator said 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 the compliance of voluntary modifications”.
Viacom18 is part of the RIL group, and SIPL is wholly-owned by The Walt Disney Company. STPL, a company incorporated in the British Virgin Islands, is owned indirectly by The Walt Disney.
The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties.
Under the deal, Mukesh Ambani-led Reliance Industries Ltd (RIL) and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels.The Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India’s largest media house.Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan’s Sony and Netflix.
Nita Ambani, wife of billionaire and RIL Chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will be the Vice Chairperson.
Shankar is a former top Disney executive.
The deal will also require approval of the National Company Law Tribunal (NCLT).
