The Competition Commission of India (CCI) has approved the proposed merger of the entertainment businesses of Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), and Star India Private Limited (SIPL). The merger will result in the formation of a joint venture between RIL, Viacom18, and existing subsidiaries of The Walt Disney Company (TWDC), which wholly owns SIPL.
What Happened: The merger will bring together the entertainment divisions of Viacom18, a part of the RIL group, and SIPL. The CCI has approved the merger, subject to the compliance of voluntary modifications. A detailed order from the Commission is expected to follow.
The approval comes after reports suggested that the CCI raised concerns over the proposed $8.5 billion merger, citing potential harm to competition, especially in the sphere of cricket broadcast rights. The watchdog had asked both Disney and Reliance to justify why an investigation into the merger should not be initiated.
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The joint venture was first announced in February 2024, with RIL and The Walt Disney Company inking a deal to merge Viacom18 and Star India. The mega-merger saw RIL pumping in a whopping ₹11,500 crore ($1.4 billion) to fuel the JV's ambitious growth plans.
The JV, valued at ₹70,352 crore ($8.5 billion), is set to be a leader in both TV and digital streaming, blending iconic entertainment and sports brands, and aiming to captivate over 750 million viewers in India and beyond. The venture also secured exclusive rights to distribute Disney's cinematic gems in India, enriching its content library with over 30,000 Disney assets.
Reliance’s diverse portfolio includes oil and gas exploration, petroleum refining, petrochemical manufacture, organised retail, media and entertainment, and telecommunication services. Reliance is scheduled to hold its annual general meeting on Thursday.
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