Powerhouse Alliance: Reliance, Viacom18, and Disney Seal ₹70,352 Crore Mega-Merger with Nita Ambani at the Helm

Reliance Industries, under the leadership of billionaire Mukesh Ambani, has successfully merged its media assets with the Indian division of global media giant Walt Disney.

Reliance-Disney Mega-Merger, A Rs 70,000 Crore Media Giant Emerges

This merger has led to the creation of a joint venture (JV) valued at over ₹70,000 crore, marking it as one of the largest media and entertainment entities in India.

With an expected combined revenue of approximately ₹26,000 crore, the JV is set to play a pivotal role in shaping the future of India’s entertainment landscape.

The newly-formed venture combines the media operations of Viacom18 and JioCinema with Star India. The transaction has now come into effect, and shares have been distributed to Viacom18 and Reliance Industries as part of the agreement, with cash and assets being part of the settlement.

According to official statements, this deal values the joint venture at ₹70,352 crore (USD 8.5 billion) on a post-money basis, excluding potential synergies from the merger.

At the conclusion of the transaction, Reliance Industries holds control of the JV, with 16.34% ownership, while Viacom18 owns 46.82%, and Disney retains the remaining 36.84%.

Leadership and Ownership in India’s Largest Media Venture

The ownership structure of this joint venture is significant, with the majority stake controlled by Reliance and its subsidiary Viacom18.

Reliance Industries acquired a 13.01% stake in Viacom18 from Paramount Global, a leading American entertainment conglomerate, for ₹4,286 crore.

As a result of this acquisition, the ownership of Viacom18 is now split as follows: Reliance Industries controls 70.49%, Network18 Media & Investments Ltd holds 13.54%, and Bodhi Tree Systems, a platform co-controlled by James Murdoch and Uday Shankar, owns 15.97%.

To steer this vast new media empire, the joint venture has appointed three CEOs to oversee its diverse operations. Kevin Vaz will manage the entertainment segment, responsible for content across multiple platforms.

Kiran Mani will lead the combined digital organization, focusing on the digital aspects of the venture, including the management of the JioCinema and Hotstar platforms.

Meanwhile, Sanjog Gupta will handle the sports division, which includes broadcasting rights for major events such as the Indian Premier League (IPL), ICC tournaments, and BCCI matches, along with a comprehensive sports rights portfolio.

Transforming India’s Entertainment Landscape Through Collaboration

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, shared his excitement about the merger, calling it a transformational moment for India’s media and entertainment industry.

He stated that the JV’s unique combination of creative expertise, deep consumer understanding, and a strong partnership with Disney would provide Indian viewers with unmatched content choices at competitive prices. Ambani expressed confidence in the venture’s ability to revolutionize the Indian entertainment sector.

Echoing Ambani’s enthusiasm, Robert A. Iger, CEO of The Walt Disney Company, also expressed his excitement about the partnership. Iger stated that the merger offers numerous possibilities and opportunities for growth in the rapidly expanding Indian market.

The newly formed JV now operates more than 100 TV channels, producing over 30,000 hours of television content annually.

This massive content creation capability is supplemented by a robust digital presence, with JioCinema and Hotstar collectively serving over 50 million subscribers.

The JV now finds itself in direct competition with global streaming giants such as Amazon, Netflix, and SonyLiv, as it seeks to expand its reach within India’s competitive OTT space.

By combining the strengths of Reliance and Disney, the joint venture is poised to deliver an impressive range of content across both television and digital platforms.

The aim is to strengthen its position in India’s media and entertainment sector and to capture a larger share of the rapidly growing digital audience. Through its leading OTT platforms like JioCinema and Hotstar, the JV will offer a compelling mix of TV channels, films, original content, and sports programming, all at affordable prices for the Indian consumer.