New Delhi: Reliance Industries Limited (RIL) has successfully completed its joint venture (JV) with The Walt Disney Company. The merger of the media and JioCinema businesses of Viacom18 into Star India Private Limited (SIPL) was approved by regulatory authorities, including the National Company Law Tribunal (NCLT) Mumbai and the Competition Commission of India. Following the merger, Nita M. Ambani has been appointed as the Chairperson, and Uday Shankar will serve as the Vice Chairperson of the JV.

As part of the deal, RIL has invested Rs 11,500 crore into the JV, marking a major step toward growth. The transaction values the JV at ₹70,352 crore (~US$ 8.5 billion), excluding synergies. Upon completion, RIL controls 16.34% of the JV, Viacom18 owns 46.82%, and Disney holds 36.84%.

The newly-formed media conglomerate is expected to generate combined revenues of around Rs 26,000 crore, with a strong presence in both television, merging Star and Colors, and digital platforms, combining JioCinema and Hotstar.

Additionally, RIL has acquired Paramount Global’s 13.01% stake in Viacom18 for Rs 4,286 crore. The JV will be led by three CEOs: Kevin Vaz for entertainment, Kiran Mani for digital business, and Sanjog Gupta for the combined sports division.

“With the formation of this JV, the Indian media and entertainment industry is entering a transformational era,” Mukesh Ambani, chairman & managing director of RIL, said 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,” he added.

Robert Iger, CEO, The Walt Disney Company, “This is an exciting moment for our two companies, as well as for India’s consumers, as we create one of the top entertainment entities in the country through this joint venture.”