Disney forms US$8.5-billion joint-venture with Reliance

The Indian media conglom plans to invest US$1.4 billion into growing this combined TV and streaming business, which will serve more than 750 million viewers in the region.
February 28, 2024

Disney has signed a binding agreement with Mumbai-based media giant Reliance Industries to merge their TV and streaming businesses in India under an as-yet-unnamed joint-venture. 

Valued at US$8.5 billion and expected to close in Q4 2024 or Q1 2025, the deal will effectively merge Reliance’s Viacom18 network with Disney’s Star India and Disney+ Hotstar services to reach an audience of more than 750 million viewers across India. 

Reliance plans to invest an additional US$1.4 billion in the joint-venture’s growth strategy, and Disney will contribute the regional rights to more than 30,000 TV shows, films and sports titles. The new company will also distribute Disney’s films and TV content in India. 

Reliance founder Nita Ambani is expected to serve as chairperson of the joint-venture, with vice chairperson Uday Shankar providing strategic guidance. Stakes for the three shareholders would break down like this: Viacom18 (46.82%), Disney (36.84%) and Reliance (16.24%). 

CEO Bob Iger announced last year that Disney was open to selling or finding a joint-venture partner for its business in India, and reports that Reliance was interested started circulating as early as July. Disney acquired Star India as part of its US$71.3-billion purchase of 21st Century Fox in 2019.

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