Reliance and Disney Form JV for Entertainment Brands in India, Creating One of Largest Media Companies
Mumbai, November 14 -- Reliance Industries Limited (RIL), Viacom18, and Disney have completed a transaction to form a joint venture for entertainment brands in India, marking the beginning of one of the largest media companies in the country.
The merger of Viacom18's media and JioCinema businesses into Star India Private Limited has become effective following approval from the National Company Law Tribunal (NCLT), Mumbai, and other regulatory authorities. RIL has invested Rs 11,500 crore into the JV for its growth, valuing the deal at Rs 70,352 crore.
The joint venture is being led by three CEOs who will spearhead the company into a new era of ambition and disruption. Kevin Vaz will head the entertainment organisation across platforms, Kiran Mani will take charge of the combined digital organisation, and Sanjog Gupta will lead the combined sports organisation.
Nita Ambani has been appointed as the Chairperson of the JV, with Uday Shankar serving as Vice Chairperson, providing strategic guidance to theJV. Mukesh D Ambani, Chairman & Managing Director of RIL, expressed excitement about the JV's future and its ability to ensure unparalleled content choices at affordable prices for Indian viewers.
The combination of Star and Colors on television, along with JioCinema and Hotstar on digital platforms, will provide extensive choice of content across entertainment and sports to viewers in India and globally. The joint venture holds a portfolio of sports rights across cricket, football, and other sports and operates over 100 TV channels, producing 30,000+ hours of TV entertainment content annually.
The JV is expected to be one of the largest media companies in India, with combined revenue of approximately Rs 26,000 crore for the fiscal year ended in March 2024. The deal brings together Reliance's deep creative expertise and relationship with Disney, along with their unmatched understanding of the Indian consumer.
"We are creating a unique joint venture that combines our content creation and curation prowess, world-class digital streaming capabilities, and a digital first approach to deliver unparalleled content choices at affordable prices," said Robert A. Iger, Chief Executive Officer of The Walt Disney Company. "By joining forces with Reliance, we are able to expand our presence in this important media market and deliver viewers an even more robust portfolio of entertainment, sports content, and digital services."
The deal marks an exciting moment for the two companies as well as for India's consumers, who will benefit from a top entertainment entity in the country.