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In a significant move within the media and entertainment industry, Reliance Industries Limited (RIL), Viacom 18 Media Private Limited, and The Walt Disney Company have announced the signing of binding definitive agreements to establish a joint venture. This collaboration aims to merge the operations of Viacom18 and Star India, marking a pivotal moment in the sector's landscape.According to a joint press release, as part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited through a court-approved scheme of arrangement. As part of this strategic transaction, Viacom18's media business will be integrated into Star India Private Limited (“SIPL”) through a court-approved scheme of arrangement.Nita M Ambani will be the chairperson of the joint venture, with Uday Shankar as Vice-chairperson, providing strategic guidance to the joint venture. In addition, Reliance Industries has agreed to invest at closing Rs 11,500 crore (USD 1.4 billion) into the joint venture for its growth strategy. The transaction valued the joint venture at Rs 70,352 crore (USD 8.5 billion) on a post-money basis, excluding synergies.Post completion of all the processes, the joint venture will be controlled by Reliance Industries and owned 16.34 per cent by Reliance Industries, 46.82 per cent by Viacom18 and 36.84 per cent by Disney. Disney may also contribute certain additional media assets to the joint venture, subject to regulatory and third-party approvals, the release added.

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