The merger of media assets of Reliance Industries and the India business of The Walt Disney Company is expected to be completed by the end of the third quarter of this fiscal, according to a regulatory filing by the Mukesh Ambani-led group.
The Competition Commission of India (CCI), has already approved the merger of Viacom18 and Star India, as too the National Company Law Tribunal (NCLT).
“The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY25,” PTI quotes Reliance Industries as having informed on Monday in its quarter earnings statement.
The merger of Reliance Group-controlled media assets, TV18 Broadcast and E18, with Network18 Media & Investments, has already been sanctioned by the NCLT and became effective on October 3, according to the statement.
Shares of Network 18 Media and Investments and TV18 Broadcast soared up to over 9% in intraday trade on Tuesday on the NSE after Reliance Industries gave an update on the upcoming merger.
Earlier, on September 27, the government approved the transfer of licenses for Non News & Current Affairs TV channels, previously held by media entities of Reliance Industries, to Star India.
The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, 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, PTI quotes the ministry as having said.
Viacom18 is the holding company that owns the media and entertainment business of Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems.
Both sides are in the final stages of the merger, making some adjustments in the business, as per the CCI directions.
On August 30, NCLT had 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 JioCinema into Digital18, a subsidiary of Viacom18. This would be followed by “demerger, transfer and vesting of V18 Undertaking from Digital18 into Star India”.
