Key Points
Reliance Industries Limited and The Walt Disney Company have signed binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India, RIL announced on Wednesday.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 JV will seek to lead the digital transformation of the media and entertainment industry in Indiaand offer consumers high-quality and comprehensive content offerings anytime and anywhere," the company said...
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, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation..
Bob Iger, CEO of The Walt Disney Company said, "India is the worlds most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company..
Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the countrys leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content."..
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