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Disney announces $8.5 billion Joint Venture with Reliance
As part of the deal, Reliance Industries will invest approximately US $1.4 billion in the joint venture.
Disney, Reliance announce Joint Venture / Disney website/RIL website
The Walt Disney Company and Indian billionaire Mukesh Ambani’s company Reliance Industries have merged their massive Indian TV and streaming businesses.
As part of the agreement, Viacom I8, a media company owned jointly by Reliance will merge with Star India, an Indian media conglomerate owned by Disney. The joint venture’s total value comes up to approximately US $8.5 billion on a post-money basis, an official statement noted.
Reliance Industries will invest approximately US $1.4 billion (INR 11,500 crore) in the joint venture, and Disney will provide the content license to combine the businesses of Viacom 18 and Star India. As part of the deal, the media undertaking of Viacom 18 will be merged into Star India Private Limited (SIPL) through a court-approved scheme of arrangement.
Mukesh Ambani’s wife Neeta will be the chairperson of the joint venture with Uday Shankar, chairman of Star India and The Walt Disney Company India, as vice chairperson providing strategic guidance.
Reliance Industries will own 16.3 percent of the merged entity and Viacom18 will own 46.8 percent. Disney will hold a 36.8 percent stake, according to a report.
Mukesh Ambani, chairman and managing director of Reliance Industries, said, “This is a landmark agreement that heralds a new era in the Indian entertainment industry.” He added that the joint venture will help Reliance and Disney to pool their resources to deliver “unparalleled content” at affordable prices to Indian audiences.
Reliance And Disney Announce Strategic Joint Venture To Bring
— Reliance Industries Limited (@RIL_Updates) February 28, 2024
Together The Most Compelling And Engaging Entertainment Brands In India
Companies to merge respective digital streaming and television assets in India to create a world class leader across entertainment and sports… pic.twitter.com/k6S44GyNZl
Bob Iger, CEO of The Walt Disney Company, expressed excitement toward expansion in India, describing it as “the world’s most populous market.” He also shared that the opportunities the venture will provide to create long-term value for the company.
“Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content,” Iger said.
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