A joint venture that will merge the operations of Viacom 18 and Star India has signed legally binding definitive agreements, according to Reliance Industries Limited, Viacom 18 Media Private Limited (Viacom18), and The Walt Disney Company. A court-approved scheme of arrangement would be used to integrate Viacom18’s media business with Star India Private Limited as part of the transaction, in accordance with a joint press release. Nita M. Ambani will lead the joint venture, while Uday Shankar will serve as vice chairman and provide strategic direction.
Share Distribution
Furthermore, Reliance Industries has committed to investing Rs 11,500 crore (about USD 1.4 billion) in the joint venture as part of its expansion plan. Further, after removing synergies, the joint venture was valued at Rs 70,352 crores (USD 8.5 billion), according to the transaction. Following the conclusion of all procedures, Reliance Industries will take control of the joint venture and hold 16.34% of the shares, followed by Viacom18 at 46.82 percent and Disney at 36.84 percent.
Convenient Entertainment Experience
The announcement also stated that Disney might provide a few more media assets to the joint venture, given regulatory and third-party approvals. With the combination of iconic media assets from the entertainment and sports industries, such as Colors, StarPlus, StarGOLD, and Star Sports and Sports18, the JV will rank among India’s top TV and digital streaming platforms for entertainment and sports content. It will also provide access to eagerly awaited events on television and digital platforms, such as JioCinema and Hotstar.
Viacom18 and Star India’s combined media experience, state-of-the-art technology, and wide range of content libraries will enable the joint venture to provide more enticing local and international entertainment content as well as sports live streaming services, all while providing an easy and inventive digital experience at a reasonable cost.
Mukesh Ambani’s Take
Mukesh Ambani stated, “This landmark agreement heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited to form this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.”
Bob Iger Seems Excited
CEO of The Walt Disney Company stated, “India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company. Reliance has a deep understanding of the Indian market and consumer, and together, we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”
Uday Shankar’s Commitment
Co-founder of Bodhi Tree Systems mentioned, “We are privileged to be enhancing our relationship with Reliance to now also include Disney, a global leader in media and entertainment. All of us are committed to delivering exceptional value to our audiences, advertisers, and partners. This joint venture is poised to shape the future of entertainment in India and accelerate the Hon’ble Prime Minister’s vision of making Digital India a global exemplar.”
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