On February 28, 2024, RIL, Viacom18 and The Walt Disney Company signed the binding definitive agreements to form a joint venture (JV) that will combine the businesses of Viacom18 and Star India and will be valued at ₹70,352 crore. Under the deal, media company Viacom18 will be merged with Star India Private Ltd (SIPL) under a court-approved agreement.
After completing the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. Nita Ambani will be the chairperson of the JV and Uday Shankar will be the vice-chairman.
As per the agreement, the JV will bring together assets such as Colors, StarPlus, StarGOLD and Star Sports and Sports18 and gain access to highly anticipated events on television and digital platforms through JioCinema and Hotstar.
Additionally, RIL has agreed to invest Rs 11,500 crore in the JV upon completion for its growth strategy. The transaction values the JV at ₹70,352 crore (US$8.5 billion) on a post-money basis, excluding synergies.
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