We aim to build India’s largest integrated media platform: Uday Shankar

Reliance Industries, Viacom 18 Media, and The Walt Disney Company have finally completed the merger of the media and JioCinema businesses of Viacom18 into Star India Private Limited (SIPL). The Reliane-Disney joint venture is slated to be christened JioStar.

The joint venture is expected to lead the transformation of India’s digital streaming eco-system and grow the linear TV space across entertainment and sports. Reliance will operate and consolidate the JV.

Nita M Ambani will be the Chairperson of the JV, with Uday Shankar as Vice Chairperson providing strategic guidance to the JV.

Commenting on the development, Uday Shankar, Co-Founder of Bodhi Tree Systems, said, “James and I are excited to be partners in this journey to disrupt the media and entertainment industry in India. The new organisation is committed to deliver an unprecedented level of creativity, disruption and new age consumer experience. As media consumption continues to move to an integrated TV-digital ecosystem, the merger of Viacom18 and Star India offers a unique opportunity to reorient the industry to better serve diverse cohorts of consumers across the country. Together, we aim to build India’s largest integrated media platform which will deliver unparalleled experiences in innovative and exciting ways.”

The transaction values the JV at Rs 70,352 crore (~US$ 8.5 billion) 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.