 "Reliance Industries secures Centre's approval for transfer of channels")
On Saturday, the Ministry of Information and Broadcasting granted Reliance Industries Limited (RIL) approval for the transfer of licenses for non-news and current affairs TV channels. As a result, the channels owned by Viacom 18 Media Pvt Ltd will be transferred to Star India Private Limited. This merger will proceed under the stipulations set forth by the Competition Commission of India (CCI).
This decision is part of a strategic joint venture between Reliance Industries Ltd and Disney. RIL mentioned that the government’s approval was given through an order dated September 27, 2024, following a media release titled "Reliance and Disney Announce Strategic Joint Venture to Bring Together the Most Compelling and Engaging Entertainment Brands in India," originally issued on February 28, 2024.
The CCI approved the Rs 70,350-crore merger between RIL and Disney’s Indian media assets on August 28, 2024. The Mumbai bench of the National Company Law Tribunal (NCLT) gave its clearance for the Viacom18-Star India merger on August 30.
The Reliance-Disney alliance will compete with Sony, Netflix, and Amazon, offering 120 TV channels and two streaming services.
The merger is anticipated to be finalised in the last quarter of 2024 or the first quarter of 2025.