The pieces are coming together slowly for Reliance Industries and The Walt Disney Company as they move ahead of the completion of the mega merger of the Indian media assets of the two companies.

In a regulatory filing late last week, Reliance Industries said that the Ministry of Information & Broadcasting (MIB) has cleared the transfer of licences for non-news TV channels, held by a group company, Viacom18 Media Pvt. Ltd, to Star India, which is part of the Disney India’s set up.

“It is hereby informed that the Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, 2024, has granted its approval for transfer of licenses relating to non-news & current affairs TV channels held by Viacom18 Media Private Limited in favour of Star India Private Limited subject to conditions laid by Competition Commission of India,” Reliance Industries informed the Bombay Stock Exchange on September 28.

As and when the merger is fully concluded, the combined media assets of Disney Star and Reliance’s Viacom18 would create a $ 8.5 billion media behemoth, which would include two streaming platforms and over 80 TV channels. It would compete with other media giants like Netflix, Amazon Prime Video, Zee Entertainment and Sony Pictures Network India in a market called India that still boasts of opportunities in linear and streaming realms of the media landscape.

Meanwhile, according to a report by PTI, on August 30, the NCLT approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries, with Star India.

The scheme had proposed the transfer and vesting of media operations undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by “demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India”.

Earlier, the CCI had said it had cleared the “proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications”.

Viacom18 is part of the RIL group, and SIPL is wholly owned by The Walt Disney Company. STPL, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney.

The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties.

Under the deal, the Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India’s largest media house.

Nita Ambani, wife of RIL Chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will be its vice-chairperson.