Reliance Industries (RIL) has completed the merger of its media assets with the India business of global media house Walt Disney to form a new joint venture worth Rs 70,352 crore. In addition, RIL has invested Rs 11,500 crore (around $1.4 billion) into the JV for its growth. At the closing of the transactions, the said JV is controlled by Reliance Industries.

Reliance Industries holds a 16.34 per cent stake in the JV, while its step-down unit Viacom18 holds 46.82 per cent and Disney the rest 36.84 per cent.

Viacom 18 Media and The Walt Disney Company has already received necessary approvals required from authorities such as CCI, NCLT for the merger of the media and JioCinema businesses of Viacom18 into Star India.

 The JV will be one of the largest media & entertainment companies in India with pro forma combined revenue of approximately Rs 26,000 crore ($3.1 billion) for the fiscal year ended in March 2024. The JV operates over 100 TV channels and produces more than 30,000 hours of TV entertainment content annually. The JioCinema and Hotstar digital platforms have an aggregate subscription base of over 50 million. The JV holds a portfolio of sports rights across cricket, football and other sports. With the formation of this JV, the Indian media and entertainment industry is entering a transformational era. 

Reliance Industries is India’s largest private sector company. The company’s activities span hydrocarbon exploration and production, petroleum refining and marketing, petrochemicals, retail and 4G digital services.