Nita Ambani, Chairperson of Reliance Foundation, and Akash Ambani, Chairman of Reliance Jio Infocomm, have officially joined the board of Viacom18, as the company gears up for its merger with Star India, a subsidiary of global media giant Walt Disney. This merger, expected to create India’s largest media empire valued at over ₹70,000 crore, is a significant milestone in the Indian media landscape.
Viacom18, which operates under Reliance Industries Ltd (RIL) led by Mukesh Ambani, recently received regulatory clearances from the Competition Commission of India (CCI) and the National Company Law Tribunal (NCLT). With these approvals in place, both companies are in the final stages of merging their operations.
Other prominent appointments to the Viacom18 board include James Murdoch, co-promoter of Bodhi Tree Systems, and Mohammed Ahmed Al-Hardan, head of technology, media, and telecom at Qatar Investment Authority (QIA), one of the key investors in Bodhi Tree. Additionally, Jyoti Deshpande, President of Media and Content Business at Reliance Industries, and Shuva Mandal, a partner at Anagram Partners, have also been named board members.
Key Milestones in the Merger:
On August 30, 2024, NCLT approved the merger scheme of Viacom18 Media, Digital18 Media, and Star India.
The CCI cleared the combination, subject to compliance with voluntary modifications agreed upon by both parties.
Mukesh Ambani’s RIL and affiliates will hold a 63.16% stake in the combined entity, while Walt Disney will retain the remaining 36.84%.
Nita Ambani is expected to head the new joint venture, with Uday Shankar serving as vice-chairperson.
This merger will combine two major streaming platforms and 120 television channels, positioning the entity to compete against global rivals like Sony and Netflix.
Key Highlights:
1. Nita and Akash Ambani have joined the board of Viacom18 ahead of its merger with Walt Disney’s India business.
2. The merger creates a media powerhouse valued at over ₹70,000 crore.
3. Mukesh Ambani’s RIL will control 63.16% of the new entity, with Walt Disney holding 36.84%.
4. The deal enhances Reliance’s media portfolio and provides a significant boost to its streaming and TV channel business.