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Competition Commission of India: The merger of Reliance Industries and Disney Hotstar has received approval from the Competition Commission of India (CCI). This has cleared the way for becoming India's largest entertainment company. The market value of the joint venture of the two companies is around Rs 70,350 crore.
Recently, it was reported that CCI had raised some objections to the merger regarding cricket broadcasting rights. The matter was stuck regarding this. However, after receiving responses from both the companies, CCI approved the merger.
This decision has come before the 47th AGM of Reliance Industries
CCI said on social media platform X that we have approved the merger of Reliance Industries, Viacom 18, Digital 18, Star India and Star TV. This decision of the Competition Commission of India has come before the 47th AGM (Annual General Meeting) of Reliance Industries. Reliance Industries will invest Rs 11,500 crore in this joint venture.
The merger was announced in February 2024
Reliance Industries subsidiary Viacom 18 and Disney's Indian company Star India announced to merge their businesses in February 2024. The merger will create the country's largest TV and digital streaming company. Under the decision, Viacom 18's media operations will be merged with Star India.
The market value of this joint venture will be around Rs 70 thousand crores. Reliance and Disney together will give tough competition to Sony, Netflix and Amazon.
Nita Ambani will be the chairperson of the joint venture
According to Reliance Industries, the new board will have 10 members. Of these, 5 will be from Reliance, 3 from Disney and 2 will be independent directors. The merger will be completed by the third or fourth quarter of the financial year 2024-25. Nita Ambani will be the chairperson of this joint venture. Uday Shankar will be the vice chairman of the company.