RIL Expects to Complete Star-Viacom18 Merger by Q3 of This Financial Year

Reliance Industries Limited (RIL) plans to finish the merger between Viacom18 and Walt Disney’s Star India by the third quarter of this financial year, pending further approvals, according to a regulatory filing.

RIL’s quarterly report states that Viacom18 and Star India have already received conditional approval from the Competition Commission of India (CCI) for their merger, although the CCI has yet to release its detailed order on the deal. The approval was granted on August 28. Additionally, the Mumbai bench of the National Company Law Tribunal (NCLT) has approved the arrangement between the two companies.

RIL mentioned that both companies are working on obtaining the remaining approvals needed to complete the merger, which is expected to close in Q3 FY25.

On February 28, RIL and The Walt Disney Company signed binding agreements to create a joint venture that merges the operations of Viacom18 and Star India. RIL will invest ₹11,500 crore at the deal’s closing, valuing the joint venture at ₹70,352 crore after the investment, excluding synergies. During RIL’s annual general meeting in August, Chairman Mukesh Ambani described the partnership with Disney as a new beginning for India’s entertainment industry.

Ambani stated, “We are merging content creation with digital streaming. Our digital-first strategy will provide exceptional content at affordable prices for all consumers, delivering world-class entertainment.” He also noted that the media business would become a key growth driver within the Reliance ecosystem.

Furthermore, RIL announced that the merger of TV18 Broadcast and e-Eighteen.com with Network18 Media & Investments was also approved by the NCLT, with the scheme becoming effective on October 3, 2024. The record date for determining which equity shareholders of TV18 and E18 will receive shares in Network18 is set for October 16, 2024.