Reliance Industries, Viacom18 and Disney Merger Creates Joint Venture of INR 70,000 Crore Business To Offer Over 100 Channels; Check Details
New Delhi, November 15: Reliance Industries, Viacom18, and Disney have completed their merger, which combined their resources to create one of the largest media and entertainment entities in India. The joint venture is reportedly valued at INR 70,000 crore. The JioStar.com website is also currently live. The website now says, Viacom 18 and Disney Star have merged, forging a new path to inspire a billion imaginations.”
As per a report of Times of India, India’s largest merger and acquisition deal in the media and entertainment (M&E) sector has now been completed. The merger involves Viacom18’s TV and digital businesses joining with Star India. The merger has secured all the necessary regulatory approvals in India and abroad. Essar’s Black Box Limited Plans To Leverage on India’s Digital and AI Boom, Drive High-Growth Tech Opportunities After Reporting Strong Q2 FY25 Financial Results.
According to reports, Nita Ambani is set to take on the position of Chairperson, while Uday Shankar will act as Vice-Chairperson to offer strategic advice and direction. Reliance Industries will have the largest share in the company with 46.82 per cent of the stake. Disney will follow with a 36.84 per cent share, and Viacom18 will hold 16.34 per cent share. The joint venture will manage more than 100 television channels and create over 30,000 hours of entertainment content each year.
The joint venture will be led by three Chief Executive Officers (CEOs): Kevin Vaz, Kiran Mani, and Sanjog Gupta. Together, they will guide the company in its operations. Kevin Vaz will oversee the entertainment division across all platforms. Kiran Mani will be responsible for managing the combined digital business. Sanjog Gupta will take charge of the combined sports division to enhance the sports content offered. Apple Final Cut Pro 11 Launched With AI-Powered Features, Spatial Video Editing and More; Check Details.
The leadership team will bring their experience and expertise for the success of the joint venture. Robert A Iger, CEO of The Walt Disney Company, reportedly said this is an exciting moment for our two companies. The collaboration will offer viewers a selection of entertainment options, sports content, and digital services.
(The above story first appeared on Today News 24 on Nov 15, 2024 11:24 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
