Nita Ambani, chairperson of Reliance Foundation, and Akash Ambani, chairman of Reliance Jio Infocomm, have joined the board of Viacom18, a joint venture between Reliance Industries (RIL) and Bodhi Tree Systems.
The development comes as Viacom18 is approaching the final stages of its merger with Walt Disney’s Star India, and these board appointments represent a significant milestone in the consolidation of these two major media companies.
As per media reports, James Murdoch, co-promoter of Bodhi Tree Systems, and Mohammed Ahmed Al-Hardan, head of technology, media, and telecom at the Qatar Investment Authority (QIA), have joined the Viacom18 board alongside the Ambanis. Al-Hardan represents Bodhi Tree on the board.
Jyoti Deshpande, President of Media and Content Business at RIL, and Shuva Mandal, Partner at Anagram Partners, have also joined the board.
As of March 31, Viacom18’s board included six directors-Adil Zainulbhai, Uday Shankar, Madhusudana Sivaprasad Panda, Rahul Joshi, Alexander J. Berkett, and Priyanka Chaudhary.
With Paramount Global selling its 13% stake in Viacom18 to Reliance Industries for Rs 4,286 crore, Berkett is expected to exit the board, reports stated.
Star India, on the other hand, had four directors-Atul Agarwal, Rishi Kanwarjeet Gaind, Gaurav Banerjee, and Gurjeev Singh Kapoor. Banerjee has since transitioned to Sony Pictures Networks India as Managing Director and CEO.
Once the merger is finalised, a new board will be established, featuring representatives from both Star and Viacom18. The merged Star-Viacom18 board is expected to have 10 seats, with RIL likely to nominate six members, Walt Disney three, and Bodhi Tree one. Viacom18 has already begun the formal process of transferring its TV channel licenses to Star India by submitting an application to the Ministry of Information and Broadcasting (MIB), with approval expected soon.
Under the merger scheme approved by the National Company Law Tribunal (NCLT), Viacom18 will transfer its assets to its wholly-owned subsidiary, Digital18. Digital18 will then transfer these assets to Star India in exchange for shares, consolidating the operations of both companies under a unified structure.
Reports stated that following the merger, Nita Ambani will step in as chairperson of the newly established entity, with Uday Shankar, co-promoter of Bodhi Tree Systems and an experienced media executive, taking on the position of vice-chairperson.
The merger will take full effect once the boards of Star India and Viacom18 agree on and finalise an official effective date.
The merger will establish an $8.5 billion media powerhouse with a robust footprint in both TV and digital platforms.
