RIL completes merger of media assets with Disney’s India business

New Delhi: Billionaire Mukesh Ambani-led Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney and formed a joint venture with a valuation of over Rs 70,000 crore.

The JV will be one of the largest media and entertainment companies in India with a combined revenue of approximately Rs 26,000 crore and will be led by Nita Ambani as its chairperson, according to a joint statement.

The venture formed after the merger of the media and JioCinema businesses of Viacom18 into Star India “has become effective”.

It has allotted shares to Viacom18 and RIL as consideration for the assets and cash, respectively.

“The transaction values the JV at Rs 70,352 crore ($8.5 billion) on a post-money basis, excluding synergies,” it said.

At the closing of the transactions, the said JV is controlled by RIL, the statement added.