CCI Approves $8.5B Reliance-Disney India Merger with Voluntary Modifications

The Competition Commission of India on Wednesday approved an $8.5 billion merger between Reliance Industries and Disney’s Indian media assets with certain voluntary modifications.

Commission said in a press statement, “Commission approves the proposed combination involving Reliance Industries (RIL), Viacom18 Media (Viacom18), Digital18 Media, Star India (SIPL) and Star Television Productions (STPL), subject to the compliance of voluntary modifications.”

The proposed combination contemplates combining the Entertainment Businesses, inter alia, of Viacom18, which is a part of RIL Group, with SIPL, which is a wholly owned subsidiary of The Walt Disney Company (TWDC). Thus, consequent to the proposed transaction, SIPL, presently a wholly owned subsidiary of TWDC, shall be converted into a JV, which shall be jointly held by RIL, Viacom18, and existing TWDC subsidiaries.

Reliance and its affiliates would hold 63.16% of the combined entity under the agreement, with a total of two streaming services and 120 television channels, with the balance of 36.84% retained by Walt Disney.