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Reliance and Disney have completed their historic Indian media merger, creating an $8.5 billion entertainment giant that will dominate the country’s streaming and TV markets.
The deal, which was proposed in February, brings together Disney’s Star India and Reliance-controlled Viacom18 under a joint venture that would control about 85% of India’s streaming market and nearly half of the TV viewers in the world’s largest country by number. Population, according to analysts.
Reliance, controlled by Asia’s richest man Mukesh Ambani, will manage the project after investing $1.4 billion in new capital. The group and its subsidiary Viacom18 will own 63.16% of the project, with Disney retaining a 36.84% stake.
The merger creates India’s largest media group with annual revenue of $3.1 billion, combining streaming platforms JioCinema and Hotstar with over 100 TV channels. The project claims to have over 50 million live streaming subscribers and will produce 30,000 hours of TV content annually.
“With the formation of this joint venture, the Indian media and entertainment industry is entering a transformative era,” Ambani said in a statement. “Our deep creative expertise and relationship with Disney, coupled with our unparalleled understanding of the Indian consumer, will ensure unparalleled and affordable content options for Indian viewers. I am extremely excited about the future of the joint venture and wish it every success.”
The joint venture consolidates its control over India’s most valuable media rights, including cricket properties such as the Indian Premier League, ICC tournaments and domestic cricket, along with global sports content including the FIFA World Cup and Premier League.
Mukesh Ambani’s wife, Nita Ambani, will chair the project, while media veteran Uday Shankar will serve as vice-chairman. Operational leadership includes Kevin Vaz who heads entertainment, Kiran Mani who leads digital operations, and Sanjog Gupta who oversees sports content.
“By joining forces with Reliance, we are able to expand our presence in this important media market and provide viewers with an even more robust portfolio of entertainment, sports content and digital services,” Disney CEO Robert Iger said in a statement.
The deal, which has received regulatory approvals from competition authorities in India, the European Union, China and other jurisdictions, represents a significant step back for Disney from direct control of one of its most important international markets.
This is a developing story. More to follow.
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