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Reliance and Disney have completed the deal to form a joint venture (JV) for entertainment brands in India. After the completion of this merger, the joint venture has become the country's largest media company, whose value has been estimated at Rs 70,352 crore. Reliance Industries Limited, Viacom18 and Disney have informed that the merger of Viacom18's media and Jio Cinema business with Star India Private Limited has become effective.
This merger was earlier approved by NCLT Mumbai, CCI and other regulatory authorities. Reliance Industries Limited will invest Rs 11,500 crore in this joint venture for its growth. The JV has allotted shares to Viacom18 and RIL in exchange for assets and cash.
Value of JV is Rs 70,352 crore The companies said in a joint statement, "The value of the JV in this transaction has been estimated at Rs 70,352 crore on a post-money basis. Upon completion of the transaction, RIL has control over the JV and RIL has 16.34 percent, Viacom18 has 46.82 percent and Disney has 36.84 percent stake in it. There will be 3 CEOs in the JV Reliance-Disney JV will have 3 CEOs while Nita Ambani will be the chairperson of Reliance-Disney JV. Kevin Vaz will lead the entertainment organization on all platforms. Kiran Mani will take charge of the Combined Digital Organization.
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