Reliance and Disney have completed their landmark Indian media merger, creating an $8.5 billion entertainment behemoth that will dominate the country’s streaming and television markets.
The deal, proposed in February, brings together Disney’s Star India with Reliance-controlled Viacom18 under a joint venture that will control about 85% of India’s streaming market and roughly half of television viewership in the world’s most populous nation, according to analysts.
Reliance, controlled by Asia’s richest man Mukesh Ambani, will operate the venture after investing $1.4 billion in fresh capital. The conglomerate and its subsidiary Viacom18 will hold 63.16% of the venture, with Disney retaining 36.84%.
The merger creates India’s largest media group with annual revenue of $3.1 billion, combining streaming platforms JioCinema and Hotstar with more than 100 television channels. The venture claims over 50 million streaming subscribers and will produce 30,000 hours of television content annually.
“With the formation of this JV, the Indian media and entertainment industry is entering a transformational era,” said Ambani 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.”
The joint venture consolidates control over India’s most valuable media rights, including cricket properties such as the Indian Premier League, ICC tournaments and domestic cricket, alongside global sports content including the FIFA World Cup and Premier League.
Nita Ambani, wife of Mukesh Ambani, will chair the venture, with media veteran Uday Shankar serving as vice-chair. The operational leadership includes Kevin Vaz heading entertainment, Kiran Mani leading digital operations and Sanjog Gupta overseeing sports content.
The merger marks a return of Shankar to Star India, which he led as CEO before leaving in 2020 following disagreements with Disney. Shankar later partnered with James Murdoch to launch Bodhi Tree Systems, a Qatar Investment Authority-backed media investment firm that injected over $525 million into Viacom18. Bodhi Tree owns roughly 16% of Viacom18.
“By joining forces with Reliance, we are able to expand our presence in this important media market and deliver viewers an even more robust portfolio of entertainment, sports content, and digital services,” said Disney CEO Robert Iger in a statement.
The deal, which secured regulatory approvals from competition authorities in India, the EU, China and other jurisdictions, marks a significant retreat by Disney from direct control of one of its most important international markets.
This is a developing story. More to follow.