Reliance Industries and Disney completed their India media joint venture on 14 November 2024. The companies valued it at ₹70,352 crore (about US$8.5 billion) on a post-money basis, excluding synergies. Reliance controlled the venture at closing; Disney retained a 36.84% stake.
What does the Reliance–Disney merger mean?
It combined Viacom18’s media and JioCinema businesses with Disney’s Star India business in a joint venture—not a purchase of Disney’s entire global business. The venture brought major Indian television, streaming, entertainment and sports assets together. Disney also agreed to provide the joint venture with a content license.
At completion, the companies reported more than 100 TV channels, over 30,000 hours of television entertainment produced annually, and more than 50 million aggregate subscriptions across JioCinema and Hotstar. These were figures in the November 2024 completion announcement, not current audience or subscriber counts.
How much was the Reliance–Disney merger worth?
Reliance and Disney stated a post-money valuation of ₹70,352 crore (approximately US$8.5 billion), explicitly excluding synergies. The figure describes the value of the combined venture on that basis; it should not be read as the cash price Disney received or as a valuation that includes projected merger gains. Reliance separately committed ₹11,500 crore (about US$1.4 billion) as growth capital.
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The completion announcement also gave a pro forma combined revenue estimate of approximately ₹26,000 crore (about US$3.1 billion) for the fiscal year ended March 2024. That was an estimate for the businesses combined on a pro forma basis, not audited revenue earned by the post-merger venture.
Who owns and controls the merged company?
At closing, ownership was divided among Reliance Industries, Viacom18 and Disney. Reliance controlled the joint venture.
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| Owner at closing | Stake |
|---|---|
| Reliance Industries Limited (RIL) | 16.34% |
| Viacom18 | 46.82% |
| The Walt Disney Company | 36.84% |
These percentages describe the closing structure announced in November 2024. Viacom18’s stake was part of the structure through which Reliance’s media and digital businesses entered the venture; ownership percentage and control are not the same measure.
When did the Reliance–Disney merger complete?
- 28 February 2024 — agreement announced. The companies announced binding definitive agreements to combine Viacom18 and Star India through a court-approved scheme. The proposed ownership split was the same as the one later reported at closing.
- 27 August 2024 — CCI approval. The Competition Commission of India approved the proposed combination subject to voluntary modifications. The Government of India published its announcement on 28 August and said a detailed order would follow; the press release does not set out every modification.
- 14 November 2024 — transaction effective. Reliance said the merger of Viacom18’s media and JioCinema businesses into Star India Private Limited became effective after approvals from the National Company Law Tribunal, Mumbai, the CCI and other regulators. Reliance invested ₹11,500 crore, and the joint venture was controlled by RIL.
What happened to JioCinema and Disney+ Hotstar?
The completion announcement described the streaming services as JioCinema and Hotstar. They were later integrated into a unified service, JioHotstar. Reliance’s FY2024–25 reporting describes JioStar as created by the merger and specifies that its financial results were included from 14 November 2024 through 31 March 2025. That reporting period is only part of the fiscal year, so segment results for FY2024–25 are not full-year standalone results for JioStar.
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What do the later business figures show?
Reliance reported ₹17,762 crore in revenue from operations and ₹1,833 crore in EBITDA for its media and entertainment segment in FY2024–25. JioStar was included in those figures only for 14 November 2024 to 31 March 2025; they should not be presented as the venture’s full-year standalone financial results.
Reliance’s FY2024–25 reporting also cited company-reported claims of a 34% share of TV entertainment and more than 85% of sports viewership. Those figures are attributed to Reliance and come with methodology and period limitations; they do not, by themselves, establish the merger’s causal effect on the market. Separately, Reliance’s annual report cited the EY-FICCI M&E Report of March 2025 for an estimate that India’s media and entertainment sector grew 3.3% year on year to ₹2.5 trillion in 2024. That is an industry estimate, not a measure of merger performance.
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Sources
- The Walt Disney Company’s 28 February 2024 announcement on the agreement and proposed structure.
- Reliance Industries’ 14 November 2024 completion announcement on closing, valuation, ownership and reported scale.
- The Press Information Bureau’s 28 August 2024 release on CCI approval subject to voluntary modifications.
- Reliance Industries’ FY2024–25 media and entertainment reporting on JioStar’s reporting period, segment results and company-reported metrics.
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