centre-approves-viacom18-tv-licence-transfer-to-star-india

The Indian government has approved the transfer of non-news and current affairs TV channel licences held by 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 on 27 September, subject to conditions imposed by the Competition Commission of India (CCI).

"The Ministry of Information and Broadcasting, Government of India, vide its order dated 27 September 2024, has granted its approval for the transfer of licences relating to non-news and current affairs TV channels held by Viacom18 Media Private Limited in favour of Star India," the filings said.

Viacom18, which is part of Reliance's media and entertainment arm, is nearing completion of its merger with Star India. The companies are making final business adjustments as per CCI's directives.

The National Company Law Tribunal (NCLT) had previously approved the merger scheme on 30 August. The merger plan involves transferring media operations from Viacom18 and JioCinema to Digital18, a subsidiary of Viacom18, followed by the demerger and transfer of V18 assets from Digital18 to Star India.

The merged entity, combining the media assets of Reliance Industries and The Walt Disney Company, will create India’s largest media conglomerate, valued at over ₹70,000 crore.

In a prior ruling, the CCI had approved the merger, subject to "voluntary modifications" proposed by Reliance and Star India. However, details of these modifications were not disclosed.

Upon completion, Mukesh Ambani’s Reliance Industries and its affiliates will own 63.16% of the joint venture, with The Walt Disney Company holding the remaining 36.84%. The venture will include two streaming platforms and 120 television channels.

Reliance has committed to investing approximately ₹11,500 crore into the joint venture, strengthening its position against rivals like Netflix and Sony. Nita Ambani, wife of Mukesh Ambani, will chair the new media entity, with Uday Shankar serving as vice-chairperson.