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Reliance Industries Ltd is set to finalize its merger with Disney’s India operations by the close of Q3 FY25, forming India’s largest media conglomerate, valued at over ₹70,000 crore ($8.5 billion), according to regulatory filings.
With approvals from the Competition Commission of India (CCI) and the National Company Law Tribunal, Reliance Industries confirmed in its latest quarterly report that the regulatory hurdles for the merger have been cleared.
“The merger of TV18 Broadcast Ltd. (TV18) and e-Eighteen.com Ltd. (E18) with Network18 Media & Investments Ltd. (Network18) was sanctioned by the National Company Law Tribunal, Mumbai Bench, and became effective on October 3, 2024,” the company said in its Q2 results.
The companies are in the process of securing additional required approvals, with the “record date for determining the equity shareholders of TV18 and E18 entitled to receive Network18 equity shares set for October 16, 2024,” the report added.
On September 27, the Indian government approved the transfer of licenses for non-news TV channels from Reliance to Star India, a key step in the merger, according to reports.
Upon completion, Reliance and its affiliates will hold a 63.16% majority stake in the newly merged entity, while Walt Disney will retain a 36.84% shareholding. Reliance has committed to investing ₹11,500 crore ($1.4 billion) to boost the joint venture.
Nita Ambani will chair the new venture, with media honcho Uday Shankar as the vice-chair. The combined company will have two streaming platforms and 120 television channels, including renowned brands like Comedy Central, MTV, Nickelodeon, and Star network channels.
