Reliance expects to complete merger with Disney's India business in Q3

Reliance Industries merger with Viacom 18 and Star India approved by CCI and NCLT, creating India's largest media empire.

The merger of media assets of Reliance Industries Limited (RIL) and the India business of global media house Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group.

The fair-trade regulator the Competition Commission of India (CCI) has already approved the merger of Viacom 18 and Star India, and the NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it.

“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,” informed Reliance Industries on Monday (October 15, 2024) in its quarter earnings statement.

“The merger of Reliance group-controlled media assets – TV18 Broadcast and E18 – with Network18 Media & Investments has already been sanctioned by the NCLT and was made effective on October 3,” it said.

Earlier on September 27, the Government approved the transfer of licenses relating to Non-News & Current Affairs TV channels held by media entities of Reliance Industries to Star India.

“The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non-News & Current Affairs TV channels held by Viacom18 Media Private Limited in favour of Star India,” it had said.

Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems.