RIL gets govt nod for transfer of Viacom-18’s non-news TV channels to Disney’s Star India

The ministry of information and broadcasting has given final approval for licence transfer of Viacom18's non-news and current affairs TV channels to Star India, following the merger of the two entertainment channels. This, however, is subject to conditions prescribed by the Competition Commission of India (CCI), according to RIL’s stock exchange filing.

CCI last month granted approval for the grand merger of Viacom18 Media, Digital18 Media of Reliance Industries and Star India, and Star Television of Disney India, into a Rs70,350 crore ($8.5 billion) joint venture. Viacom18 will merge with Star India under the terms of the joint venture agreement.

RIL will invest Rs11,500 crore in the joint venture and will own a 16.34 per cent stake. Viacom18 will hold 46.82 per cent in the joint venture with Disney the remaining 36.84 per cent. Together with Viacom18, RIL will own 63.18 per cent stake in the new entity. 

Viacom18 currently operates 40 TV channels while Star India has 77. With a combined portfolio to 117 channels across various genres, including general entertainment, sports, kids and youth, the joint venture will create a media powerhouse.