Reliance Industries Limited (RIL) has successfully finalised its merger with the Indian operations of Walt Disney, creating a joint venture valued at approximately ₹70,352 crore (around $8.5 billion). This significant consolidation of media assets marks a pivotal moment in the Indian entertainment sector, combining Reliance’s extensive media portfolio, including JioCinema and Colors TV channels, with Disney’s Star network and Disney+ Hotstar.
Nita Ambani, chairperson of Reliance Foundation, will lead the new entity, while Uday Shankar, a former Disney executive, will serve as vice chairperson. Mukesh Ambani, chairman of RIL, hailed the merger as a transformative step for the industry, promising “unparalleled content choices at affordable prices” for Indian consumers. The joint venture is projected to generate pro forma revenues of around ₹26,000 crore (approximately $3.1 billion) for the fiscal year ending March 2024.
The merger has received necessary approvals from regulatory bodies such as the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT). To address concerns regarding market dominance in sports broadcasting, the companies have committed to not bundling advertising slots for major cricket events until current rights periods expire. The joint venture will oversee over 100 television channels and produce more than 30,000 hours of content annually.
Industry analysts believe this merger positions the new entity to dominate India’s sports broadcasting market, controlling significant rights for cricket and other sports. With a combined subscriber base exceeding 50 million across its digital platforms, Reliance and Disney aim to enhance their competitive edge against global streaming giants like Netflix.
As both companies integrate their operations, they face challenges in aligning corporate cultures and managing leadership dynamics. However, the merger is expected to reshape the media landscape in India significantly.
