RIL-Disney merger gets Centre approval for license transfer

30 Sep 2024 , 03:25 PM

Reliance Industries said on Saturday, September 28, that the Centre has authorised the transfer of Viacom18’s non-news and current affairs TV channels to Star India as part of the strategic Reliance-Disney collaboration.

The company told the exchanges that the transaction is subject to the Competition Commission of India’s restrictions.

Last month, the CCI authorised Reliance Industries’ merger with Disney India. The merger of RIL, Viacom18 Media, Digital18 Media, Star India, and Star Television sets the door for the formation of a new joint venture (JV). According to the terms of the agreement announced on February 28, Viacom18 would merge with Star India, combining the two organisations.

RIL would invest ₹11,500 Crore in the joint venture, which is estimated to be worth ₹70,350 Crore ($8.5 billion) after funding. RIL will own a 16.34% stake. Viacom18 will own 46.82% of the partnership, while Disney will have 36.84%.

Viacom18 Media Pvt. Ltd. is one of India’s fastest growing entertainment networks, with a portfolio of renowned brands that provide multi-platform, multi-generational, and multicultural experiences.

At around 1.38 PM, Reliance Industries was trading 2.68% lower at ₹2,970.55 per piece, against the previous close of ₹3,052.35 on NSE. The counter touched an intraday high and low of ₹3,049.95, and ₹2,965.20, respectively.

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