Reliance and Disney completed their India media merger on 14 November 2024, creating a Reliance-controlled joint venture that combines television, streaming, entertainment and sports businesses. The announced ₹70,352 crore (about US$8.5 billion) valuation was post-money and excluded synergies; it was not the amount Reliance paid to Disney.
What the $8.5 billion figure means
Reliance Industries and The Walt Disney Company announced the agreement on 28 February 2024, when the transaction was still subject to regulatory approvals. The companies described the combined business as having a post-money valuation of ₹70,352 crore (about US$8.5 billion), excluding synergies. The valuation was a measure of the joint venture after the transaction, not a cash purchase price paid by Reliance for Disney’s India business. Reliance and Disney’s announcement set out those terms.
At closing, Reliance invested ₹11,500 crore (about US$1.4 billion) in growth capital, according to Reliance’s completion announcement. The companies also reported approximately ₹26,000 crore (about US$3.1 billion) in pro forma combined revenue for the fiscal year ended March 2024. That revenue figure is a company-reported historical measure, not a forecast of later performance.
Which businesses and brands were combined?
The deal brought together Viacom18’s media and JioCinema businesses with Star India. The February announcement described a broad combination of television and digital entertainment and sports, naming Colors, Star Plus, Star Gold, Star Sports, Sports18, JioCinema and Hotstar as examples. It also said the joint venture would have exclusive rights to distribute Disney films and productions in India, with a licence to more than 30,000 Disney content assets. That announcement describes the intended rights and combination; it does not establish that every asset had an identical legal or operational transfer.
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At completion, Reliance reported that the business had more than 100 television channels, produced over 30,000 hours of TV entertainment annually, and had more than 50 million aggregate subscriptions across JioCinema and Hotstar. It also described a portfolio of sports rights spanning cricket, football and other sports. These figures were supplied by the company at closing, rather than presented as independently audited comparisons. The closing release also gives the revenue figure for the fiscal year ended March 2024.
When did the merger take effect?
The agreement announced in February 2024 was not yet a completed merger. On 28 August 2024, India’s Competition Commission (CCI) announced approval subject to compliance with voluntary modifications offered by the parties. The government’s account of the CCI decision describes the approval and proposed transaction.
Reliance announced completion on 14 November 2024. Its release said the Mumbai National Company Law Tribunal (NCLT), the CCI and other regulatory authorities had approved the transaction and that it had become effective. The media and JioCinema businesses of Viacom18 merged into Star India Private Limited, with the resulting venture controlled by Reliance.
Who owns and controls the joint venture?
At closing, the ownership was split among Reliance Industries Limited (RIL), Viacom18 and Disney. Reliance said RIL controlled the venture. Its direct shareholding should not be mistaken for the full Reliance-group interest, since the group also held the Viacom18 stake.
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| Shareholder at closing | Reported ownership |
|---|---|
| RIL | 16.34% |
| Viacom18 | 46.82% |
| Disney | 36.84% |
The closing announcement named Nita M. Ambani as chairperson and Uday Shankar as vice chairperson. The ownership percentages and leadership appointments are reported in Reliance’s completion release.
What happened after closing: JioStar and JioHotstar
The later operating structure should be distinguished from the names used when the deal was first announced. Reliance’s FY2024–25 annual report says JioStar was created through the merger of Viacom18 and Star India, bringing together brands including Colors, Star Plus, Star Gold and Star Sports. The report also says JioCinema and Disney+ Hotstar were integrated into one service, JioHotstar. In other words, JioHotstar was a subsequent integration, not the streaming platform named as such in the February 2024 deal announcement. Reliance’s FY2024–25 annual report describes these developments.
The same annual report cites the EY-FICCI M&E Report, March 2025, for an estimate that India’s media and entertainment sector grew 3.3% year over year in 2024 to ₹2.5 trillion. It also reports JioHotstar figures of 652 million IPL 2025 reach and 61.2 million peak concurrency during the Champions Trophy 2025. The sector estimate is attributed to EY-FICCI as cited by Reliance; the platform audience figures are Reliance-reported metrics and should not be read as independently verified audience measurement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What the merger does—and does not—show
The transaction created a business spanning linear television and streaming, alongside entertainment and sports, and consolidated major Indian media brands and services under a Reliance-controlled venture. The companies presented the combination as a way to bring together content, distribution and sports rights. Mukesh D. Ambani called the venture a “transformational era” for the industry, while Disney CEO Robert A. Iger said the partnership would expand Disney’s presence and provide a broader portfolio. Those are corporate statements about the deal’s aims, not proof of its effects.
Best Value
The transaction announcements and annual report do not establish whether the merger improved competition, changed subscription prices, or caused better outcomes for viewers. Those questions require evidence beyond the deal terms and company-reported scale figures.
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