CCI approves Reliance-Disney India $8.5 billion merger

New Delhi: The Competition Commission of India (CCI) has approved the merger between Reliance Industries Ltd (RIL) and Disney’s Indian media assets, thus paving the way for the creation of a $8.5 billion broadcasting empire that would be the largest in India in terms of reach and financial muscle.

The antitrust watchdog stated that the proposal is subject to the compliance of voluntary modifications. The proposed combination envisages combining the entertainment businesses (along with certain other identified businesses) of Viacom18, part of Asia’s richest billionaire Mukesh Ambani’s Reliance group and Star India Private Limited (SIPL), wholly owned by The Walt Disney Company (TWDC).

“As a result of the transaction, SIPL, currently a wholly owned entity of TWDC through its subsidiaries, shall become a joint venture (JV) which will be jointly held by RIL, Viacom18 and existing TWDC subsidiaries,” said CCI in a statement on Wednesday.