Mumbai, India – February 29, 2024: Reliance Industries Limited, Viacom18 Media Private Limited, and The Walt Disney Company have officially entered into binding definitive agreements for a strategic joint venture. The collaboration will amalgamate the operations of Viacom18 and Star India, marking a significant move in the Indian media and entertainment landscape.
The joint venture will witness the merger of Viacom18’s media activities into Star India Private Limited through a court-approved scheme of arrangement. Nita M Ambani has been appointed as the chairperson of the joint venture, with Uday Shankar serving as Vice Chairperson to provide strategic guidance.
Key Details of Reliance and Disney Joint Venture:
- Investment: Reliance Industries commits to invest Rs 11,500 crore (USD 1.4 billion) into the joint venture at closing, reinforcing its commitment to the growth strategy.
- Ownership Structure: Post completion, the joint venture will be controlled by Reliance Industries, with ownership distributed as follows – 16.34% by Reliance Industries, 46.82% by Viacom18, and 36.84% by Disney.
- Strategic Focus: The joint venture aims to be a leading TV and digital streaming platform, offering a comprehensive entertainment and sports content experience in India and globally.
- Content Portfolio: The combined assets include iconic media brands such as Colors, StarPlus, StarGOLD, and sports offerings like Star Sports and Sports18, delivering content through JioCinema and Hotstar.
- Exclusive Rights: The JV secures exclusive distribution rights for Disney films and productions in India, featuring a license to over 30,000 Disney content assets.
The joint venture, with a combined viewership of over 750 million in India and catering to the global diaspora, positions itself as a digital entertainment leader. By leveraging Viacom18 and Star India’s media expertise, technology, and diverse content libraries, the JV aims to drive digital transformation in India’s media and entertainment industry.
Conclusion:
The strategic collaboration between Reliance, Viacom18, and Disney signifies a new era in the Indian entertainment industry. As it brings together creative prowess, extensive resources, and market insights, the joint venture is poised to redefine the digital entertainment landscape in India. The synergies created by this partnership are expected to deliver unparalleled content experiences to audiences while aligning with the vision of making Digital India a global exemplar. The transaction, subject to regulatory approvals, is anticipated to be completed in the last quarter of Calendar Year 2024 or the first quarter of Calendar Year 2025.
