India's antitrust regulator approved the proposed merger of local media operations of Walt Disney Co. and billionaire Mukesh Ambani's Reliance Industries Ltd., paving the way for the creation of an $8.5 billion behemoth in one of the world's fastest-growing entertainment markets.
The Competition Commission of India said Wednesday in a post on the X platform, formerly known as Twitter, that it has signed off on the transaction combining media assets of Reliance, Viacom18 Media Pvt., Digital18 Media Ltd. and other Disney-linked firms "subject to the compliance of voluntary modifications."
The regulator didn't elaborate what these "voluntary modifications" were.
Spokespersons at Disney India and Reliance did not offer any immediate comments. The announcement came after the close of India market hours.
In February, the conglomerate helmed by Asia's richest person signed a binding agreement with Disney to merge their media operations in India - a move that not only cemented their dominant position in the sector but also gave them a lion's share of the coveted cricket broadcast rights in a country where this game is like a religion.
Ambani's oil-to-telecoms conglomerate is set to control over 60 per cent of the new combined unit - 16 per cent directly and 47 per cent via the Viacom18 Media business it largely owns - while 37 per cent goes to Disney. Viacom18 Media and Digital18 are owned by Reliance, Star India and Star Television are controlled by Disney.
