Reliance Industries Ltd (RIL), Viacom18, and Disney have officially formed a joint venture (JV) for their entertainment businesses in India. The new entity merges the media and JioCinema segments of Viacom18 with Star India, creating a major player in Indian entertainment. The merger, effective as of November 14, received approvals from the NCLT Mumbai, the Competition Commission of India, and other regulatory bodies.
RIL invested Rs 11,500 crore to fuel the JV’s growth. The JV has been valued at Rs 70,352 crore post-money, with RIL controlling the entity. Ownership in the JV is split with Viacom18 holding 46.82%, Disney 36.84%, and RIL holding a 16.34% stake.
The leadership of the JV is expected to be transformational, spearheaded by three CEOs: Kevin Vaz will lead the entertainment across platforms; Kiran Mani will steer the wheel of the digital unit; and Sanjog Gupta will be leading the sports division-all three combining to make the Indian entertainment market disruptive.
While Nita Ambani will be the Chairperson of the JV, it will be Uday Shankar as Chairperson who will provide the strategic vision and direction.
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Source: Moneycontrol
News Desk
