- By Aditya Pratap Singh
- Fri, 15 Nov 2024 11:43 AM (IST)
- Source:JND
Disney Hostatr-JioCinema-Viacom18 Merger: Reliance Industries, Viacom 18, and Star India have come together to form India's largest media and entertainment company, it is the biggest merger in the media and entertainment sector. The combined value of this joint venture is over 70,000 crore and together, these three firms will generate an approx annual revenue of Rs 26,000 crore. According to the joint statement, Reliance Industries has invested Rs 11,500 crore (1.4 billion dollars) in this joint venture and Nita Ambani, wife of RIL chairman will be chairperson of the venture.
Earlier, Viacom 18 Media and Walt Disney Company got the necessary approvals from authorities such as the Competition Commission of India (CCI), and the National Company Law Tribunal (NCLT) for the merger of Viacom 18's media and JioCinema business with Star India.
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Reliance Industries to hold 46.82% shares
In the newly merged joint venture, Reliance Industries will hold 46.82 per cent, the largest share, while Disney will hold 36.84 per cent, and Viacom18 will hold 16.34 per cent. Reliance Industries will have control over the newly merged companies.
Who will lead?
Nita Ambani will be the chairperson of this joint venture, while Uday Shankar will be the vice chairman who will provide strategic guidance to the joint venture.
The joint venture has more than 100 TV channels and it produces more than 30,000 hours of TV entertainment content annually. The total subscriber base of JioCinema and Hotstar digital platforms is more than five crore. The joint venture has a portfolio of sports rights for cricket, football, and other sports.
RIL Buys Stake In Paramount Global
Meanwhile, in a separate deal, Reliance has bought a 13.01 per cent stake in US global entertainment group Paramount Global for Rs 4,286 crore, the stake will be managed by Viacom 18.
JioCinema, Hotsatr And Viacom18 merged venture to have 3 CEOs
The joint venture will have 3 CEOs - Kevin Vaz, Kiran Mani, and Sanjog Gupta. The three CEOs will lead the company together. Kevin Vaz will look after the entertainment organization on all platforms, while Kiran Mani will take charge of the combined digital organization. Sanjog Gupta will have control over the combined sports business, which has the broadcasting rights for all matches organized by IPL, ICC, and BCCI. Apart from this, it has a large portfolio of broadcasting rights for football and other sports.