Thursday, Apr 18 2024 | Time 01:27 Hrs(IST)
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Business Economy


Viacom 18 media, Star India merge businesses; sign JV agreement

New Delhi, Feb 28 (UNI) Reliance Industries owned Viacom 18 Media and US based The Walt Disney Company owned Star India will be merged to create a Joint Venture, a joint statement said here on Wednesday.
RIL, Viacom18 and The Walt Disney Company (Disney) today announced the signing of binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited through a court approved scheme of arrangement.
The transaction values the JV at Rs 70,352 crore, the statement said adding RIL has agreed to invest at closing ₹11,500 crore (approximately USD 1.4 billion) into the JV for its growth strategy.
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