- | 2:00 pm
RIL’s Viacom18, Disney India get CCI nod to merge
The proposed deal has been approved 'subject to the compliance of voluntary modifications', the competition watchdog said
India’s competition watchdog has approved the proposed merger of Walt Disney’s India business and Mukesh Ambani’s Reliance Industries Ltd.
The proposed deal, which combines the media assets of Reliance, Viacom18 Media Pvt. Ltd, Digital18 Media Ltd, and Disney-linked firms Star India Pvt. Ltd and Star Television Productions Ltd, has been approved “subject to the compliance of voluntary modifications,” the Competition Commission of India (CCI) said in a post on X, formerly known as Twitter, on Wednesday.
The regulator did not specify thee “voluntary modifications”.
The Indian antitrust regulator’s approval now paves the way for the creation of an $8.5 billion media giant.
The merger proposal will next come up for hearing before the National Company Law Tribunal.
CCI is expected to release an order mentioning the “modifications” in detail.
Earlier this year, Reliance had signed a binding agreement with Disney to form a $8.5 billion joint venture, combining the businesses of Viacom 18 and Walt Disney’s India business.
Following regulatory compliance and approvals, the joint venture will be controlled by RIL (16.34%), Viacom 18 (46.82%), and Disney (36.84%).
Nita Ambani will be the chairperson, while Uday Shankar as vice chairperson will provide strategic guidance to the JV.
The joint platform will host more than 750 million viewers across India and cater to the Indian diaspora worldwide.
More Top Stories:
