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Reliance industries Limited (RIL), Viacom18, and The Walt Disney Company announced the effective merger of Viacom18’s media and JioCinema businesses with Star India, following approvals from regulatory authorities, including the NCLT Mumbai and Competition Commission of India.

The newly formed joint venture (JV) will be chaired by Nita Ambani, with Uday Shankar as Vice Chairperson. RIL has invested Rs 11,500 crore (approximately $1.4 billion) in the JV, which is valued at Rs 70,352 crore (around $8.5 billion). Ownership of the JV is structured with RIL holding 16.34%, Viacom18 holding 46.82%, and Disney holding 36.84%.

The JV brings together popular media brands like Star, Colors, JioCinema, and Hotstar, aiming to deliver a broad range of entertainment and sports content across TV and digital platforms to Indian and global audiences. With over 100 TV channels, 30,000+ hours of TV content, and a significant sports rights portfolio, it aims to expand its entertainment and sports offerings to over 50 million subscribers globally.

“With the formation of this JV, the Indian media and entertainment industry is entering a transformational era. Our deep creative expertise and relationship with Disney, along with our unmatched understanding of the Indian consumer will ensure unparalleled content choices at affordable prices for Indian viewers. I am very excited about the JV’s future and wish it all the success,” Mukesh D Ambani, Chairman and Managing Director of Reliance Industries Limited, said.

With combined pro forma revenue of approximately Rs 26,000 crore ($3.1 billion) for FY2024, the JV is set to be one of India’s largest media companies, operating over 100 TV channels and digital platforms with a substantial sports rights portfolio.

In a separate transaction, RIL acquired Paramount Global’s 13.01% stake in Viacom18 for Rs 4,286 crore, resulting in RIL holding a 70.49% ownership stake in Viacom18.

Three CEOs will lead the JV’s next phase of growth: Kevin Vaz for entertainment, Kiran Mani for digital, and Sanjog Gupta for sports.