Reliance Industries and Walt Disney have successfully finalized their monumental $8.5 billion merger of Indian media assets, creating a new joint venture that positions them as a dominant force in the entertainment landscape. The completion of this deal, announced on Thursday, marks a significant milestone in the evolution of media and entertainment in India.
The newly formed joint venture will operate under three distinct divisions: entertainment, which will encompass Reliance’s Colors TV channels alongside Disney’s Star; digital, which will include the streaming platforms JioCinema and Hotstar; and sports, which will manage a comprehensive portfolio of sports broadcasting rights. This strategic division aims to leverage the strengths of both companies to provide a diverse range of content to Indian audiences.
Nita Ambani, a prominent figure in the Reliance leadership team, will serve as the Chairperson of the joint venture, while Uday Shankar, former head of Disney Asia Pacific, will take on the role of Vice Chairperson. Kiran Mani, previously with Google, has been appointed to lead the digital division, overseeing JioCinema. Kevin Vaz, currently at the helm of Reliance’s Viacom18 Media, will manage the entertainment division, and Sanjog Gupta will head the sports division.
This merger comes after receiving essential approvals from India’s antitrust regulator in August 2024. The approval process required both companies to address concerns regarding their control over broadcasting rights for cricket—India’s most popular sport—ensuring that competition remains healthy in the media sector.
With this merger, Reliance and Disney aim to create India’s largest media player, boasting an impressive portfolio that includes over 120 television channels and two major streaming services. The combined entity is projected to generate pro forma revenues of approximately ₹26,000 crore (around $3.1 billion) for the fiscal year ending March 2024. This robust financial foundation positions the joint venture to compete effectively against global giants like Sony, Netflix, and Amazon.
Mukesh Ambani, Chairman of Reliance Industries, expressed his enthusiasm for this transformative partnership. He stated, “With the formation of this joint venture, we are entering a new era in the Indian media and entertainment industry. Our deep creative expertise and strong relationship with Disney will ensure that we deliver unparalleled content choices at affordable prices for Indian viewers.”
The merger also reflects a broader trend within the media industry as companies seek to consolidate resources to navigate an increasingly competitive landscape. By combining their assets and expertise, Reliance and Disney are poised to enhance viewer experiences across various platforms while expanding their reach within India’s rapidly growing digital ecosystem.
As this new chapter unfolds for both companies, stakeholders are keenly watching how this merger will reshape content delivery and consumption patterns in India. The joint venture is set to redefine entertainment options available to consumers while fostering innovation within the industry.
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