New Delhi: In a significant development for India’s media landscape, the government has greenlit the merger of Viacom18 and Star India. The approval, granted by the Ministry of Information and Broadcasting on September 27, paves the way for the creation of India’s largest media empire, valued at over Rs 70,000 crore.
The merger will bring together the media assets of billionaire Mukesh Ambani’s Reliance Industries and The Walt Disney Company. The combined entity will house two streaming services and a staggering 120 television channels.
The Competition Commission of India (CCI) had previously cleared the merger, subject to certain conditions. Both parties have since made adjustments to their deal to comply with these requirements.
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The merger is expected to give the combined entity a significant edge in the competitive Indian media market, allowing it to better compete with global giants like Netflix and Sony. Nita Ambani, wife of RIL Chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will serve as its vice-chairman.
This merger marks a major milestone in the consolidation of India’s media industry and has far-reaching implications for the country’s entertainment landscape.
