Recently, Mukesh Ambani’s firm signed a massive deal with Disney India to create a Rs 70000 crore behemoth.
Mukesh Ambani is the richest man in India with a massive net worth of Rs 975906 crore. He is involved in a wide range of business through subsidiaries of Reliance Industries, the most valuable company in India with a market cap of Rs 2012000 crore. Over the past few years, India’s richest man has invested massively to expand his footprint in the media business. Recently, Mukesh Ambani’s firm signed a massive deal with Disney India to create a Rs 70000 crore behemoth. The companies have received a thumbs up from the National Company Law Tribunal (NCLT) for the merger plan. Now as per a report by Reuters, Reliance and Disney have sought antitrust clearance for the massive media merger. The entities claim that their combined power will not hit the advertisers.
Experts expected the massive deal to face intense scrutiny as Reliance and Disney currently have billions of dollars worth of digital and TV cricket rights for world's most valuable cricket tournament the Indian Premier League and International Cricket Council matches. This may offer high leverage to the merged entity over the advertisers and consumers, former head of mergers at Competition Commission of India (CCI) KK Sharma suggested.
The companies have told CCI that the cricket rights were obtained separately under a bidding process which was competitive. The companies believe that the competitors won't be harmed as they can bid when those rights expire in 2027 and 2028. “The CCI will now review the confidential filing. Though any clearance typically takes several weeks, it can take longer if the watchdog isn't satisfied and seeks more information.” Reuters said in its report.
While announcing the deal, Mukesh Ambani’s Reliance revealed that it would invest Rs 11500 crore in the mega media entity. After the completion, the combined Star-Viacom18 entity will own more than 100 TV channels and two streaming platforms—Disney+ Hotstar and JioCinema. The new entity will be spearheaded by Mukesh Ambani’s wife Nita Ambani as the chairperson. Media veteran Uday Shankar will be backing her in the role of vice-chairperson.
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