NEW DELHI: The Competition Commission of India (CCI) has approved the merger between Reliance and Disney’s entertainment businesses worth more than $8.5 billion on Wednesday.
This comes after the CCI had previously expressed concerns that the new merged entity would control most of the rights for broadcasting cricket and TV in India, hurting advertisers.
The merger is between Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), and Digital18 Media Limited, with The Walt Disney Company’s (TWDC) Star India Private Limited (SIPL) and Star Television Productions Limited (STPL).
This will create India’s largest entertainment company with 120 TV channels and two streaming services.
Reliance will be owning a 63.16 percent stake in the combined entity and Walt Disney will hold the remaining 36.84 percent stake.
Star India Private Limited, which is currently a wholly owned entity of Disney will become a joint venture jointly held by Reliance Industries Limited, Viacom18 and existing Disney subsidiaries, according to the CCI’s press statement.
However, the approval is subject to the compliance of “voluntary modifications” and the detailed order is yet to be released.
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