INR 11,500 Cr Investment Seals Star India Merger with RIL, Viacom18, and Disney The JV will be chaired by Nita Ambani, with Uday Shankar as Vice Chairperson.
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Reliance Industries Limited (RIL), Viacom18, and The Walt Disney Company have successfully merged Viacom18's media and JioCinema assets with Star India.
This merger follows regulatory clearances from the NCLT Mumbai and the Competition Commission of India, establishing a powerful joint venture (JV) within India's media landscape.
The JV will be chaired by Nita Ambani, with Uday Shankar as Vice Chairperson. RIL has invested INR 11,500 crore (around USD 1.4 billion) in the venture, which is valued at INR 70,352 crore (USD 8.5 billion). Ownership within the JV is split among RIL, holding 16.34%, Viacom18 with 46.82%, and Disney with 36.84%.
This strategic collaboration brings together prominent media brands, including Star, Colors, JioCinema, and Hotstar. The JV aims to deliver diverse entertainment and sports content across television and digital platforms, reaching both Indian and international audiences. With over 100 TV channels, 30,000+ hours of programming, and a strong portfolio of sports rights, the JV targets more than 50 million global subscribers.
Mukesh Ambani, Chairman and Managing Director of RIL, expressed optimism about the JV's impact on the Indian media industry, stating, "With this JV, India's media and entertainment sector is poised for transformation. Our alliance with Disney and understanding of the Indian viewer will ensure a unique range of affordable content for audiences nationwide."
The JV is set to become one of India's largest media conglomerates, projecting pro forma revenue of approximately INR 26,000 crore (USD 3.1 billion) for FY2024. In a related move, RIL acquired Paramount Global's 13.01% stake in Viacom18 for INR 4,286 crore, raising its ownership in Viacom18 to 70.49%.
Leadership for the JV's next phase includes Kevin Vaz as CEO of Entertainment, Kiran Mani overseeing Digital, and Sanjog Gupta spearheading Sports. This leadership aims to drive the JV's growth and elevate its content offerings across varied platforms.
