The Modi government has approved the transfer of licenses relating to non-news and current affairs TV channels held by Viacom18Media in favor of Star India Private Limited. In February this year, RIL-owned Viacom 18 Media and US-based The Walt Disney Company-owned Star India had announced the merger to create a Joint Venture.
In its regulatory filing, Reliance Industries informed the stock exchanges that the Ministry of Information and Broadcasting (I&B), Government of India, vide its order dated September 27, 2024, has granted its approval for transfer of Licenses relating to Non News & Current Affairs TV channels held by Viacom18 Media Private Limited.
“This in favour of Star India Private Limited subject to conditions laid by Competition Commission of India.”
RIL, Viacom18 and The Walt Disney Company (Disney) signed the binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited through a court approved scheme of arrangement.
The transaction valued the JV at Rs 70,352 crore and RIL had agreed to invest at closing Rs 11,500 crore (approximately USD 1.4 billion) into the JV for its growth strategy.
The merger had got approval from the Competition Commission of India (CCI) in August with few observations.