New Delhi: In a significant development for the Indian entertainment industry, the European Union has granted its approval to the merger between Reliance Industries Limited (RIL) and The Walt Disney Company. This strategic partnership aims to create a formidable entertainment powerhouse in India.
The European Commission, the EU’s executive arm, has determined that the joint venture, Star India Private Limited (SIPL), will not pose any competition concerns within the European Economic Area. SIPL will bring together a diverse range of assets from both companies, including popular channels like Colors, StarPlus, Star Sports, and Sports18, as well as digital platforms JioCinema and Disney+ Hotstar.
The merger, valued at Rs 70,000 crore, will see RIL holding a majority stake of 63.16% and investing an additional Rs 11,500 crore to fuel the growth of OTT streaming services. Disney will retain a 36.84% stake in the joint venture.
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Nita Ambani, wife of RIL Chairman Mukesh Ambani, will assume the role of chairperson, while former Disney executive Uday Shankar will serve as vice chairperson.
With this merger, the combined entity will reach a massive audience of over 750 million viewers across India, making it one of the largest entertainment companies in the country. The integration of these powerful brands is expected to revolutionize the Indian entertainment landscape and provide consumers with a wider range of high-quality content.
