New Delhi: The government has approved the transfer of licenses for non-news and current affairs TV channels from Reliance Industries, led by billionaire Mukesh Ambani, to Star India.
Regulatory filings from Reliance Industries and TV18 Broadcast indicate that the Ministry of Information and Broadcasting issued this approval in an order dated September 27.
“The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, 2024, has granted its approval for transfer of Licenses relating to Non News & Current Affairs TV channels held by Viacom18 Media Private Limited in favour of Star India,” it stated.
This approval is “subject to conditions set by the Competition Commission of India.”
Viacom18, the holding company for Reliance Industries’ media and entertainment business, is currently in the final stages of merging with Star India, making necessary adjustments as directed by the CCI.
On August 30, the NCLT approved the merger of Viacom18 Media and Digital 18 Media, which hold the media and entertainment assets of Reliance, with Star India. The plan involves transferring media operations from Viacom18 and Jio Cinema into Digital18, followed by the demerger and transfer of the V18 undertaking into Star India.
This merger will create the largest media empire in India, valued at over ₹70,000 crore, combining the media assets of Reliance Industries and The Walt Disney Co.
The CCI previously cleared the “proposed combination” involving Reliance Industries, Viacom18 Media, Digital18 Media, Star India, and Star Television Productions, contingent on compliance with voluntary modifications, which have not been disclosed.
Under the agreement, RIL and its affiliates will own 63.16% of the new entity, which will feature two streaming services and 120 television channels, while Walt Disney will hold the remaining 36.84%.
Reliance Industries plans to invest approximately ₹11,500 crore in the joint venture to bolster its competitiveness against rivals like Netflix and Sony.
Nita Ambani will lead the joint venture, with Uday Shankar serving as vice-chairperson.
