Walt Disney and Reliance Merge Media Assets in India

Reliance, Viacom 18, and Walt Disney have entered into binding definitive agreements to form a joint venture (JV) that will combine the operations of Viacom18 and Star India.

Reliance has committed to investing $1.4 billion in the JV at closing to fuel its growth strategy. The transaction values the JV at approximately $8.5 billion on a post-money basis, excluding synergies. The JV will be controlled by Reliance, with ownership stakes of 16.34% by Reliance, 46.82% by Viacom18, and 36.84% by Disney.

Disney may also contribute additional media assets to the JV, subject to regulatory and third-party approvals.

“India is the world’s most populous market, and we are excited about the opportunities this joint venture will offer to create long-term value for the company,” said Bob Iger, CEO of Walt Disney. “Reliance has a deep understanding of the Indian market and consumers, and together we will create one of the leading media companies in the country, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”