Competition Commission of India: The merger of Reliance Industries and Disney Hotstar has got approval from the Competition Commission of India (CCI). With this, the way has been cleared for the formation of India’s largest entertainment company. The market value of the joint venture of both the companies is around Rs 70,350 crore. Recently, information came to light that the CCI had raised some objections to this merger regarding cricket broadcast rights. The matter was stuck due to this. However, after receiving the response from both the companies, the CCI approved this merger.
This decision came before the 47th AGM of Reliance Industries
CCI said on social media platform X that we have approved the merger of Reliance Industries, Viacom 18, Digital 18, Star India and Star TV. This decision of the Competition Commission of India has come before the 47th AGM (Annual General Meeting) of Reliance Industries. Reliance Industries will invest Rs 11,500 crore in this joint venture.
The merger was announced in February 2024
Reliance Industries subsidiary Viacom 18 and Disney’s Indian company Star India announced to merge their businesses in February 2024. This merger will give birth to the country’s largest TV and digital streaming company. Under the decision, Viacom 18’s media operations will be merged with Star India. This joint venture will have a market value of about Rs 70 thousand crores. Reliance and Disney together will give tough competition to Sony, Netflix and Amazon.
Nita Ambani will be the chairperson of the joint venture
According to Reliance Industries, the new board will have 10 members. These will include 5 from Reliance, 3 from Disney and 2 independent directors. This merger will be completed by the third or fourth quarter of the financial year 2024-25. Nita Ambani will be the chairperson of this joint venture. Uday Shankar will become the vice chairman of the company.
C-2024/05/1155 Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications. pic.twitter.com/S2JVzw2VgR
— CCI (@CCI_India) August 28, 2024
Read this also
Jan Dhan Yojana: More than 53 crore accounts opened in 10 years, total deposits crossed Rs 2 lakh crore
