The Competition Commission of India (CCI) on Wednesday approved the merger of Reliance Industries and Disney‘s Indian media assets, contingent upon adherence to voluntary modifications.
However, the CCI did not reveal any voluntary modifications made by the two parties in the original deal.
The CCI took to X and wrote, “The Commission approves the proposed combination involving Reliance Industries, Viacom18 Media, Digital18 Media, Star India, and Star Television Productions, subject to the compliance of voluntary modifications.”
In February 2024, Reliance Industries, Viacom18 Media, and The Walt Disney Company announced the signing of binding definitive agreements to create a joint venture that will merge the operations of Viacom18 and Star India.
The transaction mentioned above will result in the merger of Viacom18 into Star India under a court-approved scheme of arrangement. Under the deal, Reliance and its affiliates will control a 63.16% share in the newly formed entity, which will encompass two streaming services and 120 television channels. On the other hand, Walt Disney will retain the remaining 36.84% stake.
