The merger between Reliance Industries Limited (RIL)-owned Viacom18 and Walt Disney's Star India is expected to be finalized by the third quarter of the current financial year, pending additional regulatory approvals, as per a regulatory filing by RIL.
Viacom18 and Star India have already secured conditional approval from the Competition Commission of India (CCI) for the merger, though the CCI has not yet issued its detailed order. Furthermore, the Mumbai bench of the National Company Law Tribunal (NCLT) has approved the scheme of arrangement between the two companies. Other necessary approvals are still being processed, with the closure of the transaction expected by Q3 FY25.
This merger follows a binding agreement signed on February 28th between RIL and The Walt Disney Company to create a joint venture, merging the operations of Viacom18 and Star India. RIL is set to invest Rs 11,500 crore in the joint venture, which is valued at Rs 70,352 crore post-money, excluding synergies.
At RIL's annual general meeting in August, Mukesh Ambani, Chairman of RIL, highlighted that this partnership with Disney marks the beginning of a transformative phase for India's entertainment sector. He emphasized the "digital-first" strategy, aiming to deliver high-quality content at affordable prices, catering to diverse consumer tastes and providing world-class digital entertainment.
