Reliance Industries Limited (RIL)-owned Viacom18 and Walt Disney’s Star India are expected to complete their merger by the third quarter of this financial year, pending additional approvals, according to a regulatory filing from Reliance Industries Limiter (RIL).
In its quarterly report, RIL noted that Viacom18 and Star India have already received conditional approval from the Competition Commission of India (CCI) for their proposed merger.
However, the CCI has yet to issue its detailed order regarding the Star-Viacom18 merger. The competition regulator approved the transaction on 28th August.
Additionally, the Mumbai bench of the National Company Law Tribunal (NCLT) has sanctioned the scheme of arrangement between the two companies.
“The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closure is expected in 3Q FY 25,” RIL said in its filing today.
On 28th February, RIL and The Walt Disney Company signed binding definitive agreements to form a joint venture that will merge the operations of Viacom18 and Star India.
RIL will invest Rs 11,500 crore at closing to support the JV’s growth strategy, valuing the joint venture at Rs 70,352 crore on a post-money basis, excluding synergies.
During RIL’s annual general meeting in August, RIL Chairman Mukesh Ambani said the partnership with Disney signals the start of a new era in India’s entertainment sector.
“We are combining content creation with digital streaming. Our digital-first approach will deliver unparalleled content at affordable prices. We will cater to every consumer’s tastes. We will provide world-class digital entertainment across the spectrum,” Ambani stated.
He also highlighted that the media business, much like Jio and Retail, would become a significant growth engine within the Reliance ecosystem.
RIL also said that the merger of TV18 Broadcast and e-Eighteen.com with Network18 Media & Investments was sanctioned by the NCLT, Mumbai.
The scheme became effective on 3rd October 2024, with 16th October 2024 set as the record date for determining the equity shareholders of TV18 and E18 entitled to receive equity shares of Network18.
