Reliance Industries Limited, Viacom18, and Disney have successfully completed a transaction to merge Viacom18's media and JioCinema businesses into Star India Private Limited.
The merger received approvals from the NCLT Mumbai and the Competition Commission of India.
Reliance has invested Rs 11,500 crore into the joint venture (JV), which is valued at Rs 70,352 crore on a post-money basis, excluding synergies.
The ownership structure of the JV consists of 16.34% held by Reliance, 46.82% by Viacom18, and 36.84% by Disney.
The JV will be led by three CEOs: Kevin Vaz will oversee the entertainment division, Kiran Mani will manage the digital organization, and Sanjog Gupta will head the sports segment.
Nita Ambani has been appointed as Chairperson, with Uday Shankar serving as Vice Chairperson to provide strategic guidance.
This collaboration aims to leverage the strengths of the involved parties to create a transformative vision for the entertainment industry in India, setting new standards and challenging existing norms.