New Delhi, Sep 29 (PTI) The government has approved the transfer of licence relating to non-news and current affairs TV channels held by the media entities of billionaire Mukesh Ambani-led Reliance Industries to Star India.
According to regulatory filings by Reliance Industries and TV18 Broadcast, the Ministry of Information and Broadcasting granted the 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 said.
This would be "subject to conditions laid by the Competition Commission of India".
Viacom18 is the holding company that owns the media and entertainment business of Reliance Industries and Bodhi Tree Systems.
Now, both sides are in the final stages of the merger, making some adjustments to the business as per the directions of the Competition Commission of India (CCI).
On August 30, the NCLT approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries, with Star India.
The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India".
The merger of the media assets of Reliance Industries and The Walt Disney Co. will create the country's largest media empire worth over Rs 70,000 crore.
Earlier, the CCI had said it had cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications".
Viacom18 is part of the RIL group, and SIPL is wholly owned by The Walt Disney Company. STPL, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney.
The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties.
Under the deal, the Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels.
Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house.
Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Netflix and Japan's Sony.
Nita Ambani, wife of RIL Chairman Mukesh Ambani, will head the joint venture, while Uday Shankar will be its vice-chairperson. PTI KRH IJT
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