The Competition Commission of India (CCI) has given its approval to Reliance Industries Ltd's Rs 70,350-crore merger with Disney's Indian media assets. Setting the stage ready for a media powerhouse, India's competition watchdog approved the proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd.
CCI was however likely concerned about the formation of a dominant player in the cricket broadcasting space.
Disney-Star has secured exclusive digital and TV rights for ICC events from 2024 to 2027 and IPL broadcasting rights from 2023 to 2028, while Jio has obtained the IPL streaming rights.
CCI’s decision arrives just before Reliance Industries' 47th Annual General Meeting on August 29, setting the stage for the key shareholders' event.
In February, Viacom18, a subsidiary of Reliance Industries, and Disney's Star India merged their media operations to form India's largest TV and digital streaming entity. According to the agreement, Viacom18’s media operations will be integrated with Star India Pvt Ltd (SIPL) through a court-approved arrangement.
This joint venture, valued at ₹70,350 crore ($8.5 billion) on a post-money basis, will receive an infusion of ₹11,500 crore ($1.4 billion) from RIL to fuel its growth strategy.
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