Billionaire Mukesh Ambani-led Reliance Industries has completed the merger of its media assets with the India business of global media house Walt Disney and formed a joint venture with a valuation of over Rs 70000 crore. The JV will be one of the largest media and entertainment companies in India with a combined revenue of approximately Rs 26000 crore and will be led by Nita Ambani as its chairperson according to a joint statement. The venture formed after the merger of the media and JioCinema businesses of Viacom18 into Star India has become effective. It has allotted shares to Viacom18 and RIL as consideration for the assets and cash respectively. The transaction values the JV at Rs 70352 crore (USD 8.5 billion) on a post-money basis excluding synergies it said. At the closing of the transactions the said JV is controlled by RIL the statement added. In this 16.34 per cent is owned by RIL 46.82 per cent by its step-down unit Viacom18 and the rest 36.84 per cent by Disney. Rs 70000 Crore Mega-Merger Highlights  Ownership Structure: The ownership of the new entity is split as follows: 16.34% owned by Reliance Industries (RIL) 46.82% held by its step-down subsidiary Viacom18 36.84% owned by Disney Additionally in a separate deal RIL acquired a 13.01% stake in Viacom18 from Paramount Global a leading American entertainment conglomerate for Rs 4286 crore. As a result Viacom18 is now 70.49% owned by RIL 13.54% by Network18 Media & Investments Ltd and 15.97% by Bodhi Tree Systems (an investment platform co-controlled by James Murdoch and Uday Shankar) on a fully diluted basis. Leadership by Three CEOs: The newly formed joint venture will be led by three CEOs who will spearhead different segments of the business: Kevin Vaz will oversee the entertainment segment across platforms. Kiran Mani will head the combined digital organization. Sanjog Gupta will lead the sports segment which includes broadcasting rights for all IPL ICC and BCCI matches along with a robust portfolio of football and other sports rights. Mukesh Ambani’s Vision RIL Chairman & Managing Director Mukesh Ambani expressed his excitement stating With the formation of this joint venture the Indian media and entertainment industry is entering a transformational era. Our deep creative expertise coupled with our strong relationship with Disney and unmatched understanding of the Indian consumer will ensure unparalleled content choices at affordable prices for Indian viewers. I am very optimistic about the future of this JV and wish it all the success. Robert A. Iger CEO of The Walt Disney Company also shared his excitement saying This is an exciting moment for our two companies and we look forward to the possibilities that this merger brings to the Indian market. Reliance-Disney Post Merger The JV operates over 100 TV channels and produces 30000-plus hours of TV entertainment content annually. Through its two OTT platforms JioCinema and Hotstar it will have an aggregate subscription base of over 50 million and will compete with Amazon Netflix and SonyLiv. The joint venture aims to harness the combined strengths of both Reliance and Disney to offer a comprehensive range of content across TV and digital platforms. The merger will not only consolidate their position in the Indian M&E space but also enable them to capture a larger share of the rapidly growing digital audience. By leveraging platforms like JioCinema and Hotstar the company is poised to deliver content that resonates with Indian consumers offering a mix of popular TV channels movies original series and sports at competitive prices. With this merger the new entity is set to redefine the M&E landscape in India emerging as a formidable competitor against global and local OTT giants thereby driving growth and innovation in the industry. The newly formed joint venture (JV) is set to generate an estimated annual revenue of Rs 26000 crore making it a dominant force in Indias M&E landscape. By leveraging the combined strengths of Reliance and Disney this powerhouse will deliver a diverse array of content across television and digital platforms including popular TV channels like Star and Colors as well as leading OTT platforms JioCinema and Hotstar. (With inputs from PTI)