The combined entity will be valued at over ₹70,000 crore ($8.5 billion), with Reliance holding 63.16% and Disney 36.84%.
The merger of the media assets of Reliance Industries and Disney India is expected to be completed in 3Q FY25.
Viacom18 and Star India Private Limited obtained approval from the Competition Commission of India for the proposed transaction between the two companies and the Scheme of Arrangement for merging their business was sanctioned by the National Company Law Tribunal.
"The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25,"
said the company is stock exchange filing.
The merger of the media assets of Reliance Industries and The Walt Disney Co. will create the country's largest media empire worth over Rs 70,000 crore ($8.5 billion).
Under the deal, the Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels.
Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house.
Reliance Industries has also agreed to invest close to Rs 11,500 crore ($1.4 billion) into the joint venture to give it the muscle to fight rivals like Netflix and Japan's Sony.
Nita Ambani, wife of RIL Chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will be its vice-chairperson.
Source: The Economic Times
