The Competition Commission of India (CCI) has approved the $8.5 billion merger of Reliance Industries’ media assets with those of Disney’s Indian operations, subject to certain voluntary modifications.
The approval, announced on Wednesday, marks a significant development in the Indian media landscape, The Economic Times reported.
The deal, originally announced six months ago, involves a combination of media assets from Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited, and Star Television Productions Limited. The CCI‘s clearance comes with conditions, requiring the compliance of voluntary modifications proposed by both parties.
While the CCI did not disclose the specific modifications agreed upon, it indicated that these adjustments were necessary for regulatory clearance.
Under the approved terms, Reliance Industries and its affiliates will control a 63.16% stake in the newly combined entity. This entity will encompass two major streaming services and 120 television channels.
Walt Disney will hold a 36.84 percent stake in the merged company, maintaining a significant presence in the Indian media market.
The merger is poised to create a formidable player in India’s media and entertainment industry, combining Disney’s global reach and content library with Reliance’s extensive local network and distribution capabilities.
This move is expected to reshape the competitive dynamics in the Indian media sector, particularly in the rapidly growing streaming market, where both companies will leverage their strengths to expand their audience reach and content offerings.