Rs 70,000 Crore Business: Viacom18's TV and Digital Businesses Merged into Star India
Mumbai, India - August 27, 2023: In a significant milestone, the merger of Viacom18's TV and digital businesses with Star India has concluded, creating India's largest media and entertainment company. The newly formed entity, valued at over Rs 70,000 crore, is poised to generate an estimated annual revenue of Rs 26,000 crore.
The joint venture, which has secured necessary regulatory approvals in India and abroad, includes popular TV channels like Star and Colors, as well as leading OTT platforms JioCinema and Hotstar. The company aims to provide Indian viewers with a diverse portfolio of entertainment at affordable prices, capitalizing on India's growing digital market.
The combined entity operates over 100 TV channels and produces 30,000-plus hours of TV entertainment content annually. Through its two OTT platforms, JioCinema and Hotstar, it has an aggregate subscription base of over 50 million and will compete with global giants like Amazon, Netflix, and SonyLiv.
Nita Ambani, the Chairperson of the new entity, expressed her excitement about the future of the company, saying that with Reliance's deep creative expertise and relationship with Disney, they will offer unparalleled content choices at affordable prices for Indian viewers.
Three CEOs, Kevin Vaz, Kiran Mani, and Sanjog Gupta, will spearhead the company, leading it in its various business segments. The joint venture also marks a significant strengthening of Reliance's position in the global entertainment landscape with the acquisition of a 13.01% stake in Paramount Global.
This merger has received approval from the National Company Law Tribunal (NCLT) and the Competition Commission of India (CCI), which oversaw the transaction subject to certain voluntary modifications offered by the parties.
As of now, Reliance Industries holds a majority stake of 46.82%, followed by The Walt Disney Company with 36.84%, and Viacom18 with 16.34%. This partnership aims to create a powerful joint venture that will shape India's media and entertainment landscape.