The Competition Commission of India on Wednesday approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country’s largest media empire worth over Rs 70,000 crore.
The deal was going through a scrutiny by the anti-trust regulator and the approval came after the parties proposed certain modifications to the original transaction structure.
Under the deal, Mukesh Ambani-led Reliance Industries Ltd (RIL) and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels.
Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan’s Sony and Netflix.
Nita Ambani, wife of billionaire and RIL Chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will be the Vice Chairperson. Shankar is a former top Disney executive.