The Competition Commission of India (CCI) has approved a major merger in the Indian media sector involving Reliance Industries Limited (RIL), Viacom18, Star India, and others.
This merger brings together the entertainment assets of Viacom18, part of the RIL group, and Star India, owned by The Walt Disney Company (TWDC).
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The merger will create a joint venture (JV) that will be co-owned by RIL, Viacom18, and TWDC subsidiaries.
However, CCI’s approval comes with conditions.
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The companies involved must implement voluntary modifications to address potential competition concerns.
Although the specifics of these modifications have not been revealed, they are likely aimed at preventing the creation of an unfair monopoly in the Indian media market.
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This merger, valued at ₹70,352 crore (around $8.5 billion), combines various media assets, including TV broadcasting rights, OTT platforms, and production businesses.
One of the primary concerns raised by CCI was the potential impact on competition, especially regarding the combined control over cricket broadcasting rights, a significant aspect of the Indian media landscape.
After the merger, RIL will control the JV, with ownership divided among RIL (16.34%), Viacom18 (46.82%), and Disney (36.84%). Disney may also add more media assets to the JV, pending further approvals.
This merger marks a significant shift in the Indian media and OTT industry, consolidating major players under a single entity while ensuring measures are in place to maintain fair competition.
