Reliance Industries, Disney, and Viacom18 Unveil Historic Merger to Create India's Largest Media & Entertainment Conglomerate

In a landmark deal, Mukesh Ambani-led Reliance Industries Limited (RIL), entertainment giant Disney, and entertainment firm Viacom18 have announced the merger of the media and JioCinema businesses of Viacom18 into Star India Private Limited, following approvals from regulatory bodies.

As part of the agreement, RIL has injected Rs 11,500 crore into the joint venture to support its expansion. In exchange, shares were issued to Viacom18 and RIL, with assets and cash changing hands. The joint venture will be one of the largest media & entertainment companies in India, boasting pro forma combined revenue of approximately Rs 26,000 crore.

Nita M. Ambani will chair the JV, while Uday Shankar will serve as vice chairperson, providing strategic guidance to the company. The joint venture houses top-tier media brands across both TV and digital channels, including 'Star' and 'Colors' on TV, and 'JioCinema' and 'Hotstar' online.

According to the companies, the transaction values the JV at Rs 70,352 crore on a post-money basis, excluding synergies. The joint venture will be led by three CEOs – Kevin Vaz, Kiran Mani, and Sanjog Gupta – who will spearhead the company into a new era of ambition and disruption in the entertainment industry.

"Merging with RIL brings immense opportunities for Disney to expand our presence in this pivotal Indian media market," said Robert A. Iger, CEO of Disney. "By joining forces, we'll deliver viewers an even more robust portfolio of entertainment, sports content, and digital services."

This historic merger heralds a transformational era for the Indian media & entertainment industry, according to Mukesh D. Ambani, RIL Chairman. "With this deal, we expect the growth of our creative expertise and relationships with Disney, coupled with our deep understanding of the Indian consumer, enabling us to offer unparalleled content choices at affordable prices for Indian viewers."

The joint venture is set to shake off the industry status quo, challenging conventional norms and setting new standards as it strives for bold, transformative vision.