Reliance, Disney Announce Joint Venture to Merge TV, Streaming Services

Rumours have been swirling for months, and now it has finally been confirmed that Reliance and Disney will be merging their streaming and digital TV platforms in India. Reliance India Ltd, along with The Walt Disney Company have announced a binding definitive agreement to form a joint venture that will combine the companies’ digital media distribution assets, including Viacom 18 Media Pvt Ltd and Star India. Pending regulatory approval, this joint venture would control one of the biggest and most widely available platforms for entertainment, movies, events, and live sports content. 

The combined entity would encompass Viacom 18 and Disney’s properties including Colors and the Star bouquet, and the JioCinema and Disney+ Hotstar streaming services. According to a company statement, the new entity will have over 750 million viewers and would be valued at Rs. 70,352 crore (approximately US$ 8.5 billion), excluding synergies. Ownership will be split between Viacom18 (46.82 percent) and parent company Reliance Industries (16.34 percent), with Disney accounting for 36.84 percent.  

Disney+ Hotstar currently hosts content from across the Walt Disney Animation, Pixar, Marvel, Lucasfilm, 20th Century Fox, ABC, FX, National Geographic, and other franchises. JioCinema previously absorbed the Voot streaming platform and also holds the rights to broadcast content from Warner Bros Discovery, Paramount, NBCUniversal, Pokemon, Eros Now, Balaji Telefilms, and Shemaroo, as well as sports franchises including the Olympics, IPL, Fifa, MotoGP, NBA, and others.

In a press statement, Reliance Industries chairman Mukesh Ambani said: “This is a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, create prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We Welcome Disney as a key partner of Reliance group.”

The deal will undergo regulatory and shareholder approval processes and is expected to be completed by late 2024 or early 2025. The consolidated entity venture will also have exclusive rights to distribute Disney movies and other content in India. The library currently includes over 30,000 assets. Reliance will invest Rs. 11,500 crore into the new entity and disney might also contribute additional media assets, as per a press statement.