The European Union (EU) has granted approval for a joint venture between Reliance Industries and The Walt Disney Company, for the merger of their entertainment business in India.
The European Commission, the EU’s executive arm, has granted approval for the joint venture named Star India, as per media reports.
The commission concluded that the transaction would not pose any competition concerns due to the joint venture’s minimal operations within the European Economic Area and the modest combined market share of the companies involved.
Under the proposed amalgamation, Disney India and Viacom18, Reliance Industries’ media division, will merge into Star India, creating a combined entity valued at Rs 70,000 crore. The proposed amalgamation was approved by India’s National Company Law Tribunal in August, following prior sanction from the Competition Commission of India.
This merger will create India’s largest and most powerful media and entertainment conglomerate, with a valuation of $8.5 billion. Under the agreement, Viacom18 will transfer its assets to Star India, which will serve as the operational entity post-merger.
Reliance Industries will maintain a controlling 56% stake, while Walt Disney will hold 37%. Uday Shankar and James Murdoch’s Bodhi Tree Systems will own the remaining 7%. Nita Ambani will assume the role of chairperson, with Shankar serving as vice chairperson.
