Reliance Industries, Disney announce strategic joint venture | Details here

CNBC TV18 By Anand Singha Published Feb 28 ,2024

[{"selector":"#anim-a71a1981-7f13-4f0e-92d6-d169371cf7b4 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] Reliance Industries Ltd (RIL), Viacom18, and Disney have signed binding definitive agreements to form a joint venture (JV).

[{"selector":"#anim-5a605e04-0d4b-4ab1-a544-f00d4742311c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-34.256591701344604%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] Nita Ambani will be the Chairperson, and Uday Shankar will be the Vice Chairperson of the JV.

[{"selector":"#anim-fab252df-5d1b-4a4a-bdef-6668a46a46e8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The strategic joint venture involves the merger of media operations Viacom18 and Star India, creating India’s largest media empire covering TV broadcasting, streaming, movies, and sports.

[{"selector":"#anim-66324f71-4d01-438d-8a2f-108f263e210f [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.24062488616884%, 0, 0) translate(25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] RIL will invest ₹11,500 crores ($1.4 billion) into the JV at closing for its growth strategy.

[{"selector":"#anim-649097f7-0264-49cc-b8a4-3fb0d9e67bd8 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The transaction values the JV at ₹70,352 crores ($8.5 billion) on a post-money basis, excluding synergies.

[{"selector":"#anim-fe20987a-e3ed-455d-9236-dc7a3371bb60 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] After completion, the JV will be controlled by RIL, with ownership distribution of 16.34% by RIL, 46.82% by Viacom18, and 36.84% by Disney.

[{"selector":"#anim-c3cefd7d-2c6b-4306-8fab-0bc12d3adb50 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] The JV will have exclusive rights to distribute Disney films and productions in India, along with a license for over 30,000 Disney content assets.

[{"selector":"#anim-5226a6ae-b282-407b-9bb0-af4912b39b37 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(-12.514648210040342%, 0, 0) translate(-25%, 0%) scale(1.5)","translate3d(0%, 0, 0) translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"fill":"forwards"}] The transaction is expected to be completed by the last quarter of CY24 or the first quarter of CY25.

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