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The Competition Commission of India has approved the Rs 70,350-crore Reliance-Disney merger.
“C-2024/05/1155 Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications,” CCI said in a post on X.
The merger had triggered concerns about a monopoly over general entertainment and cricket streaming rights.
Under the terms of the agreement announced on February 28, Viacom18’s media operations will be merged with Star India Pvt Ltd (SIPL) through a court-approved scheme of arrangement. The joint venture, valued at Rs 70,350 crore ($8.5 billion) on a post-money basis, will see RIL injecting Rs 11,500 crore ($1.4 billion) into the venture to support its growth strategy.
The Reliance-Disney combine aims to create India's biggest entertainment company, which will compete with Sony, Netflix and Amazon with 120 TV channels and two streaming services.
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