Reliance Industries, or RIL, Viacom 18 Media and Disney (DIS) announced that following the approval by the Hon’ble NCLT Mumbai, Competition Commission of India and other regulatory authorities, the merger of the media and JioCinema businesses of Viacom18 into Star India Private, or SIPL, has become effective. In addition, RIL has invested approximately $1.4B into the JV for its growth. The JV has allotted shares to Viacom18 and RIL as consideration for the assets and cash, respectively. The transaction values the JV at $8.5B on a post-money basis, excluding synergies. At the closing of the transactions noted above, the JV is controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney. Nita Ambani will be the chairperson of the JV, with Uday Shankar as vice chairperson providing strategic guidance to the JV.
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