Reliance Industries Limited (RIL), Viacom18 Media Private Limited, and The Walt Disney Company have announced the official completion of the merger between Viacom18’s media and JioCinema businesses with Star India Private Limited (SIPL).

The merger values the newly formed joint venture at Rs 70,352 crore (~US$ 8.5 billion) on a post-money basis, excluding synergies. Following the transaction, the joint venture will be controlled by RIL, with ownership divided as follows: 16.34% for Reliance Industries, 46.82% for Viacom18, and 36.84% for Disney.

The joint venture will be led by Nita M. Ambani, who will serve as Chairperson, and Uday Shankar, who will take on the role of Vice Chairperson, both providing strategic direction for the entity.

The merger unites some of India's most popular media brands, including ‘Star’ and ‘Colors’ in television, as well as digital platforms like ‘JioCinema’ and ‘Hotstar.’ The goal is to offer a wide range of content across entertainment and sports, catering to audiences in India and beyond.

For the fiscal year ending March 2024, the combined entity is expected to generate approximately Rs 26,000 crore in revenue. It will manage more than 100 television channels and produce over 30,000 hours of content annually. With a joint digital presence on JioCinema and Hotstar, the venture also boasts over 50 million subscribers and owns a substantial sports rights portfolio, including prominent cricket and football events.

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