Reliance, Disney announce JV to merge digital streaming and TV assets in India

Reliance and Disney on Wednesday announced a strategic joint venture that will merge their digital streaming and television properties in India. The merger will result in Reliance combining the businesses of Viacom18 and Star India into a single entity called Star India Private Limited (SIPL) through a court-approved arrangement. Reliance Industries Limited (RIL) will control 16.34 percent of the joint venture, while the other two parties, Viacom18 and Disney, will control 46.82 percent and 36.84 percent, respectively.

Reliance has also agreed to invest in it. The Rs 11,500 crore in the venture will be used to determine its growth strategy. Stakeholders have said the transaction values ​​the joint venture at Rs. 70,352 crore on post-money basis. The new business unit will be headed by Nita Ambani and Bodhi Tree Systems co-founder Uday Shankar will take over as vice president and provide strategic advice. The merger is also expected to unite India’s two leading digital streaming platforms – JioCinema and Disney+ Hotstar.

Disney will license content to the joint venture and bring its large catalog of movies and shows to the platform. Additionally, the company will also license over 30,000 Disney content assets along with exclusive rights to distribute Disney films and productions in India. Additionally, the Hollywood giant may also contribute additional media properties to the joint venture, however, they are subject to regulatory and third-party approvals.

Viacom18 and Star India will provide the joint venture with their domestic and global catalogs as well as sports live-streaming services. In the press release, Reliance said the venture will aim to lead the digital transformation of the media and entertainment industry in India and offer high quality and comprehensive content.

Calling it a “landmark agreement”, Mukesh Ambani, Chairman and Managing Director of Reliance Industries, said, “We have always respected Disney as the best media group globally and are very excited to form this strategic joint venture Which will help us pool our vast resources.” The transaction, which is currently subject to regulatory and other approvals, is expected to be completed by the end of the current year or the first quarter of 2025. Expected to happen.

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(TagstoTranslate)Reliance Disney JV Merge Digital Streaming TV Assets India Announces Reliance(T)Disney

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