Reliance Industries (RIL) has announced that the Ministry of Information and Broadcasting (MIB), Government of India, has granted its approval for the transfer of licenses relating to non-news and current affairs TV channels held by Viacom18 Media in favour of Star India, subject to conditions laid by the Competition Commission of India.
RIL announced this in a regulatory filing dated September 28.
This decision is part of the strategic joint venture between Reliance Industries and Disney. Reliance also noted that the government’s approval was granted through an order dated September 27, 2024. The initial announcement of this partnership, titled “Reliance and Disney Announce Strategic Joint Venture to Bring Together the Most Compelling and Engaging Entertainment Brands in India,” was made on February 28, 2024.
India’s competition regulator, the CCI, approved the Rs 70,350-crore merger between Reliance Industries and Disney’s Indian media assets on August 28, 2024. Two days later, on August 30, the Mumbai bench of the National Company Law Tribunal (NCLT) also cleared the Viacom18-Star India deal.
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.
