The merger of media assets of Reliance Industries and Disney India is expected to be completed by the end of the third quarter of FY25, according to a regulatory filing by Mukesh Ambani-led group
The merger of the media assets of Reliance Industries and The Walt Disney Co. will create the country's largest media empire worth over INR 70,000 Cr
The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties.
The merger of media assets of Reliance Industries and Disney India is expected to be completed by the end of the third quarter of FY25, according to a regulatory filing by Mukesh Ambani-led group.
“The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in Q3 of FY25,” Reliance Industries said in its quarter earnings statement.
The merger of Reliance group-controlled media assets – TV18 Broadcast and E18 – with Network18 Media & Investments had already been sanctioned by the NCLT and was made effective on October 3, it said.
The merger of the media assets of Reliance Industries and The Walt Disney Co. will create the country’s largest media empire worth over INR 70,000 Cr.
This comes months after both entities Reliance Industries Ltd (RIL), and Walt Disney Company signed binding agreements to set up a joint venture (JV) that will combine their media operations.
The transaction will create India’s biggest media empire spanning TV channels as well two of India’s biggest streaming platforms – JioCinema and Disney+ Hotstar. The combined entity will house more than 120 television channels and will reportedly garner a user base of more than 750 Mn.
The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties.
RIL chairman Mukesh Ambani’s wife and Reliance Foundation chairperson Nita Ambani will helm the joint venture, while Uday Shankar will be the merged entity’s vice-chairperson.
The development comes two months after the Competition Commission of India (CCI) granted its approval to the $8.5 Bn merger of Reliance’s media operations and Disney India.
On the financial side, Walt Disney previously disclosed that it had incurred over $2 Bn in charges for the second quarter of 2024 due to goodwill impairments related to Star India, stemming from the merger with Reliance Industries.
The merger would also create an OTT behemoth. Earlier this month, a report said that RIL is mulling having only one OTT platform, JioCinema, after the merger.
JioCinema and Disney+ Hotstar compete with the likes of Netflix, Amazon’s Prime Video, SonyLIV, among others, in the crowded OTT market of India.
