Reliance-Disney India Merger Wins Approval By Competition Commission Of India
|India's competition watchdog said that the deal had been approved subject to modifications submitted voluntarily by the companies.
Walt Disney Co and Reliance Industries have won approval from the Competition Commission of India (CCI) for an $8.5 billion merger of their Indian media assets. India's competition watchdog said that the deal had been approved subject to modifications submitted voluntarily by the companies.
"Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications," wrote CCI on its X handle on Wednesday. The merger aims to create India's biggest entertainment player to compete with Netflix and Amazon with 120 TV channels and two streaming services.
C-2024/05/1155 Commission approves the proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications. pic.twitter.com/S2JVzw2VgR
— CCI (@CCI_India) August 28, 2024
According to a CNBC report, the merger gives Reliance owner Mukesh Ambani a stronger hold on the $28 billion media and entertainment sector. The report also mentioned that Disney and Reliance secured the approval after assuaging regulatory worries about their grip on broadcasting rights for cricket. Meanwhile, the merged entity will also own Indian broadcast rights for the Wimbledon tennis championship and the English Premier League, among other sporting events.