The Ministry of Information and Broadcasting has approved Reliance Industries Limited’s (RIL) transfer of non-news and current affairs TV channels. These channels, currently owned by Viacom18 Media Pvt Ltd, will be transferred to Star India Private Limited, marking a crucial move in the joint venture between RIL and Disney.
This approval, issued on September 27, 2024, is part of the broader collaboration between Reliance and Disney, announced earlier this year. The partnership aims to consolidate key entertainment brands under one umbrella in India.
The Competition Commission of India (CCI) had already cleared the ₹70,350 crore merger of Reliance and Disney’s Indian media assets on August 28, 2024. Two days later, the National Company Law Tribunal (NCLT) Mumbai bench also approved the Viacom18-Star India merger.
The alliance between RIL and Disney is set to challenge major competitors like Sony, Netflix, and Amazon, with the combined entity offering 120 TV channels and two streaming platforms.
The merger is expected to be finalised by late 2024 or early 2025, strengthening their dominance in India’s entertainment market.
Following the transfer, Star India will reportedly emerge as the main operating company, with Reliance holding a 56% stake. Walt Disney will own 37% of the combined entity, while Uday Shankar and James Murdoch’s Bodhi Tree Systems, a minority stakeholder in Viacom18, will hold the remaining 7%.
The boards of Star India and Viacom18 are expected to meet soon to finalise the effective date of the merger.
Nita Ambani, chairperson of Reliance Foundation, and Akash Ambani, chairman of Reliance Jio Infocomm, recently joined the Viacom18 board, according to an Economic Times report.
Other key figures include James Murdoch and Mohammed Ahmed Al-Hardan from Qatar Investment Authority, an investor in Bodhi Tree, along with Jyoti Deshpande, president of media and content at Reliance Industries, and Shuva Mandal of Anagram Partners.
Post-merger, Nita Ambani will become chairperson of the newly formed entity, with Uday Shankar, former head of Star India and seasoned media executive, serving as vice-chairperson.
