Reliance Industries on Saturday, September 28, said that the Center has approved the transfer of non-news and current affairs TV channels owned by Viacom18 to Star India as part of the strategic Reliance-Disney venture. The company has informed the stock markets that this is subject to the conditions set by the Competition Commission of India. Last month, CCI approved the merger between Reliance Industries and Disney India.

The merger includes RIL, Viacom18 Media, Digital18 Media, Star India and Star Television and paves the way for the formation of a new joint venture (JV). Under the terms of the agreement announced on February 28, Viacom18 will be merged with Star India.

Reliance Industries will invest Rs 11,500 crore The value of this JV is Rs 70,350 crore ($8.5 billion), in which Reliance Industries will invest Rs 11,500 crore. RIL will have a 16.34 percent stake. Viacom18 will have 46.82 percent stake in the venture, while Disney will have 36.84 percent stake. Under the terms of agreement, Viacom18's media operations will be merged with Star India Limited. The Reliance-Disney merger will compete with Sony, Netflix and Amazon with 120 TV channels and two streaming services. Reliance Industries to become a major TV and digital streaming unit Shares of Reliance Industries closed 1.71 per cent higher at Rs 3,047.05 on Friday, September 27. The stock has gained 17.64 per cent so far this year. Reliance Industries had first said on February 28, 2024 that the company's subsidiary Viacom 18 would merge with Disney's Indian unit, Star India, creating India's largest television and digital streaming unit. CCI approved the Rs 70,350 crore merger of Reliance Industries Limited with Disney's Indian media assets on August 28, 2024, while the Mumbai bench of NCLT gave its approval to the Viacom 18-Star India deal on August 30.