Suspense Crime Sach Ka Dam
Reliance Industries has completed the merger of its media assets with the Indian business of global media house Walt Disney. This will create a new joint venture worth Rs 70,352 crore. According to a joint statement by both companies, Reliance Industries has invested Rs 11,500 crore (1.4 billion dollars) in this joint venture. Nita Ambani herself will be the chairperson of the joint venture. According to the statement, “After adding external investment in this transaction, the value of the joint venture has been estimated at Rs 70,352 crore (8.5 billion dollars).”
Reliance Industries has complete control of the joint venture.
With the completion of the deal, the control of the joint venture will remain with Reliance Industries. Reliance Industries has a 16.34 percent stake in this joint venture, while its subsidiary company Viacom 18 will have a 46.82 percent stake in the joint venture. Disney will have the remaining 36.84 percent stake in the company. The statement said, “Nita Ambani will be the chairperson of this joint venture, while Uday Shankar will be the vice chairman.”
Merger approval had already been received from CCI and NCLT.
Viacom18 Media and Walt Disney have already received approvals from authorities such as the Competition Commission of India (CCI), and the National Company Law Tribunal (NCLT) for the merger of Viacom18’s media and JioCinema business into Star India. The joint venture will be one of India’s largest media and entertainment companies with a total revenue of around Rs 26,000 crore ($3.1 billion) for the last financial year (2023-24) ending March 2024.
The joint venture will have more than 100 TV channels
The joint venture has over 100 TV channels and produces over 30,000 hours of TV entertainment content annually. The combined customer base of JioCinema and Hotstar digital platforms is over 50 million. The joint venture has a portfolio of sports rights for cricket, football, and other sports.
