Reliance-Disney Hotstar: Reliance Industries has completed the merger of its media assets with the Indian business of global media house, Walt Disney. This will create a new joint venture worth Rs 70,352 crore. According to a joint statement, Reliance Industries has invested Rs 11,500 crore ($1.4 billion) in this joint venture for its growth. Its chairperson will be Nita Ambani. According to the statement, "The joint venture value in this transaction is estimated at Rs 70,352 crore ($8.5 billion) after adding external investments.

Neeta Ambani got a new responsibility.

With the completion of the deal, the control of the joint venture will remain with Reliance Industries (RIL). Reliance Industries holds a 16.34 percent stake in the joint venture, while its subsidiary Viacom 18 holds 46.82 percent and Disney holds the remaining 36.84 percent. It said, “Nita M. Ambani will be the chairperson of the joint venture, while Uday Shankar will be the vice chairman to provide strategic guidance to the joint venture.”

India's largest

Viacom18 Media and The Walt Disney Company have already received the necessary approvals from authorities such as the Competition Commission of India (CCI), and the National Company Law Tribunal (NCLT) for the merger of Viacom18's media and JioCinema businesses into Star India. The joint venture will be one of India's largest media and entertainment companies with a combined revenue of around Rs 26,000 crore ($3.1 billion) for the last financial year (2023-24) ending March 2024.

More than 100 TV channels

The joint venture has more than 100 TV channels and produces more than 30,000 hours of TV entertainment content annually. The combined subscriber base of JioCinema and Hotstar digital platforms is more than 50 million. The joint venture has a portfolio of sports rights for cricket, football, and other sports. Speaking on the deal, RIL Chairman and Managing Director Mukesh Ambani said, "With the formation of this joint venture, the Indian media and entertainment industry is entering a transformative era."