Reliance Industries Ltd announced on September 28, 2024, that the Ministry of Information and Broadcasting has granted approval for the transfer of non-news and current affairs TV channel licenses from Viacom18 Media Private Limited to Disney’s Star India Private Limited. This decision follows an order issued on September 27, 2024, and is subject to conditions set by the Competition Commission of India (CCI).
This development comes nearly a month after the CCI approved the merger of Reliance and Disney’s entertainment businesses, valued at over ₹70,000 crore (approximately $8.5 billion), on August 28, 2024. The merger aims to establish one of India’s largest streaming entities, combining television and digital platforms with a total viewership exceeding 750 million across 120 TV channels and two streaming services.
The partnership involves Reliance Industries Limited (RIL), Viacom18 Media, Digital18 Media Limited, and The Walt Disney Company’s Star India Private Limited and Star Television Productions Limited. Post-merger, Reliance will hold a 63.16% stake in the combined entity, which will compete against major players like Netflix, Amazon, and Sony, while Walt Disney will retain a 36.84% stake.
The merger is anticipated to be finalized in the last quarter of 2024 or the first quarter of 2025. Nita Ambani is set to become the chairperson of the newly formed entity, with former Walt Disney executive Uday Shankar taking on the role of vice chairperson.
