The European Commission has approved the creation of a joint venture, Star India, by Reliance Industries Ltd (RIL), The Walt Disney Co. (TWDC), and BTS Investment 1, the latter owned by James Murdoch and Uday Shankar. The commission concluded that the transaction would not raise competition concerns, given the joint venture’s negligible activities within the European Economic Area and the limited combined market share of the involved companies.
The merger between RIL’s Viacom18 and Disney’s Star India is expected to conclude in early November, following approvals from the Competition Commission of India, the National Company Law Tribunal and the Ministry of Information and Broadcasting.
A senior official had earlier told ET that some international clearances were awaited.
This merger will create India’s largest and most powerful media and entertainment conglomerate, valued at $8.5 billion. As part of the deal, Viacom18 will transfer its assets to Star India, which will be the operational entity after the merger. RIL will hold a controlling 56% stake, while Walt Disney will have 37%, and Shankar and Murdoch’s Bodhi Tree Systems will hold 7%. Nita Ambani will be chairperson and Shankar will be vice chairperson.
The merged entity will comprise over 100 TV channels and two streaming platforms, with plans to retain Disney+ Hotstar, expected to stream the Indian Premier League (IPL) in 2025.
Source: Economic Times