Page 30 - The Indian EYE 112224

BUSINESS EYE NOVEMBER 22, 2024 | The Indian Eye 30

Reliance and Disney complete their US$ 8.5 billion

joint venture transaction for new brand

The joint venture is home to the most iconic and engaging media brands

in India across TV and digital platforms

OUR BUREAU ited, said, “With the formation of this
JV, the Indian media and entertain-
Mumbai
ment industry is entering a transfor-
eliance Industries, Viacom 18 mational era. Our deep creative ex-
Media (Viacom18) and The pertise and relationship with Disney,
RWalt Disney Company (Dis- along with our unmatched under-
ney) on Thursday announced that standing of the Indian consumer will
following the approval by the NCLT ensure unparalleled content choices
Mumbai, Competition Commission at affordable prices for Indian view-
of India and other regulatory author- ers. I am very excited about the JV’s
ities, the merger of the media and future and wish it all the success.”
JioCinema businesses of Viacom18 Uday Shankar, Co-Founder of
into Star India (SIPL) has become Bodhi Tree Systems, said, “James
effective, as per a joint statement put and I are excited to be partners in
out on Thursday. this journey to disrupt the media
In addition, Reliance Industries and entertainment industry in India.
has invested Rs 11,500 crore (USD The new organization is committed
1.4 billion) into the joint venture for to delivering an unprecedented lev-
its growth. The joint venture has al- el of creativity, disruption and new-
lotted shares to Viacom18 and Reli- age consumer experience. As media
ance as consideration for the assets consumption continues to move to
and cash, respectively. an integrated TV-digital ecosystem,
The transaction values the JV at the merger of Viacom18 and Star
Rs 70,352 crore (USD 8.5 billion). At India offers a unique opportunity to
the closing of the transactions, the reorient the industry to better serve
JV is controlled by RIL and owned diverse cohorts of consumers across
16.34 per cent by Reliance Industries, the country. Together, we aim to
46.82 per cent by Viacom18 and build India’s largest integrated me-
36.84 per cent by Disney. dia platform which will deliver un-
Nita M Ambani will be the paralleled experiences in innovative
Chairperson of the JV, with Uday and exciting ways.”
Shankar as Vice Chairperson provid- The JV will be spearheaded by
ing strategic guidance to the JV, the three CEOs who will lead the com-
statement added. pany into a new era of ambition and
The joint venture is home to disruption. Kevin Vaz will head the
the most iconic and engaging media entertainment organization across
brands in India across TV and digital platforms. Kiran Mani will take
platforms. Nita M Ambani, seen here with her daughter Isha, will be the Chairperson of charge of the combined digital orga-
The combination of ‘Star’ and the JV (ANI file photo) nization.
‘Colors’ on the television side and Sanjog Gupta will lead the com-
‘JioCinema’ and ‘Hotstar’ on the dig- bined sports organization. Togeth-
ital front will provide an extensive an viewers and the Indian diaspora The JV holds a portfolio of er, they will leverage their unique
choice of content across entertain- globally,” the statement said. sports rights across cricket, football strengths to cultivate a bold, trans-
ment and sports to viewers in India The JV will be one of the largest and other sports. formative vision that challenges the
and globally. Media & Entertainment companies The Competition Commission status quo and sets new standards in
“The formation of the JV will in India with pro forma combined of India (“CCI”) approved the trans- the industry.
herald a new era in India’s enter- revenue of approximately Rs 26,000 action on 27 August 2024, subject to In a separate transaction, Re-
tainment industry for consumers. crore (USD 3.1 billion) for the fiscal compliance with certain voluntary liance Industries has bought out
This unique joint venture of Reli- year ended in March 2024. modifications offered by the parties. Paramount Global’s entire stake of
ance and Disney brings together the The JV operates over 100 TV Apart from the CCI, the transaction 13.01 per cent in Viacom18 for Rs
companies’ content creation and channels and produces 30,000+ has been approved by anti-trust au- 4,286 crore. As a result, Viacom18
curation prowess, world-class digital hours of TV entertainment content thorities in the EU, China, Turkey, is owned 70.49 per cent by Reliance,
streaming capabilities along with a annually. The JioCinema and Hot- South Korea and Ukraine. 13.54 per cent by Network18 Media
digital-first approach that will help star digital platforms have an ag- Speaking about the JV, Mukesh and Investments Ltd. and 15.97 per
the JV deliver unparalleled content gregate subscription base of over 50 D Ambani, Chairman and Managing cent by Bodhi Tree Systems, on a ful-
choices at affordable prices to Indi- million. Director of Reliance Industries Lim- ly-diluted basis.

www.TheIndianEYE.com