In India, after movies, the television industry is a big cheese in entertaining the audiences. During and post COVID-19, OTT platforms became prevalent and diminished the role of television to some extent. Back then, Disney, one of the leading companies, collaborated with Hotstar to become Disney+Hotstar. Now, here is another mega collaboration that was announced a few hours ago.
Reliance Industries Limited, Walt Disney Company, and Viacom 18 have signed an agreement to merge their media businesses, resulting in the formation of a Joint venture, which will be under the control of Reliance Limited. As per the agreement, Viacom 18 Media will be merged into Star India Private Limited.
The transaction is valued at 70,352 crores. Reliance Industries also agreed to invest at closing 11500 crores into the Joint Venture for its growth strategy. As a result, the leading channels, Colors, Star Plus, Star Gold, and Star Sports, will be brought under one roof, and the joint venture will definitely be one of the leading digital and TV streaming platforms for entertainment and sports in India.
Smt. Nita Ambani will act as Chairperson for this venture, while Uday Kumar will be the Vice-chairperson. It is anticipated that the joint venture will boast 120 TV channels alongside 2 streaming platforms with a reach of about 750 million people.
