Reliance-Disney merger complete; Nita Ambani appointed chairperson

Reliance Industries Ltd, Viacom 18 Media Private Limited and The Walt Disney Company on Thursday announced the completion of the impending merger, creating one of India’s largest media and entertainment joint ventures (JV) valued at ₹70,352 crore. Reliance has invested Rs 11,500 crore as growth capital in the new venture, reported PTI, which is expected to fuel the entity's development in digital content, broadcasting, and distribution.

Nita Ambani has been appointed chairperson of the joint venture while media industry veteran Uday Shankar appointed as vice chairperson.

The JV will be one of the largest media & entertainment companies in India with pro forma combined revenue of approximately ₹26,000 crore for the fiscal year ended in March 2024. It will operate over 100 TV channels and produce more than 30,000 hours of content annually, reaching millions of viewers globally. Its digital platforms, JioCinema and Hotstar, boast a combined subscriber base exceeding 50 million.

“With the formation of this JV, the Indian media and entertainment industry is entering a transformational era," Mukesh Ambani, chairman & managing director of RIL, said in a statement.

"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,” he added.

Robert Iger, CEO, The Walt Disney Company, “This is an exciting moment for our two companies, as well as for India’s consumers, as we create one of the top entertainment entities in the country through this joint venture.”

Under the new structure, Reliance owns a 16.34% stake in the joint venture, Viacom18 holds 46.82%, and Disney retains 36.84%.

The JV will be spearheaded by three CEOs: Kevin Vaz for entertainment, Kiran Mani for digital operations, and Sanjog Gupta for sports.

"Together, they will leverage their unique strengths to cultivate a bold, transformative vision that challenges the status quo and sets new standards in the industry," the statement read.