The merger of media assets between Reliance Industries and the Indian operations of global media giant Walt Disney is expected to be finalised in the third quarter of this fiscal year, according to a regulatory filing by the Mukesh Ambani-led conglomerate.
The fair trade regulator, Competition Commission of India (CCI), has already approved the merger of Viacom18 and Star India, and the National Company Law Tribunal (NCLT) has sanctioned the associated scheme.
"The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," the company stated.
Under the deal, Mukesh Ambani-led Reliance Industries (RIL) and its affiliates will hold a 63.16% stake in the combined entity, which will include two streaming platforms and 120 television channels. Walt Disney will retain the remaining 36.84% stake in what will become India’s largest media company. Nita Ambani, wife of RIL Chairman Mukesh Ambani, will lead the joint venture as chairperson, while Uday Shankar will serve as vice-chairperson.
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