The Competition Commission of India (CCI) has approved the proposed combination involving Reliance Industries Limited (RIL), Viacom18 Media Private Limited (Viacom18), Digital18 Media Limited, Star India Private Limited (SIPL) and Star Television Productions Limited (STPL), subject to the compliance of voluntary modifications.

The proposed combination envisages to combine the entertainment businesses (along with certain other identified businesses) of Viacom18, part of RIL group and SIPL, wholly owned by The Walt Disney Company (TWDC). As a result of the transaction, SIPL, currently a wholly owned entity of TWDC through its subsidiaries, shall become a joint venture (JV) which will be jointly held by RIL, Viacom18 and existing TWDC subsidiaries.

RIL, either directly or indirectly, is engaged in several businesses such as exploration and production of oil and gas; petroleum refining and marketing; manufacture and sale of petrochemicals; manufacture and sale of chemicals; organised retail; media and entertainment activities; and telecommunication and digital services in India and worldwide.

Viacom18 is, inter alia, engaged in the business of broadcasting of television (TV) channels, operation of an OTT platform, selling commercial advertisement space on TV channels, licensing of merchandise, and organization of live events in India and worldwide. Viacom18 is also engaged in the business of production and distribution of motion pictures.

SIPL is engaged in a range of media activities including TV broadcasting and the production of AV content and motion pictures, operation of an OTT platform, and selling commercial advertisement space on TV channels and OTT platforms. SIPL is, directly or indirectly, a wholly owned entity of TWDC.

STPL is a company incorporated in the British Virgin Islands and owned, indirectly, by TWDC.

The Commission approved the proposed combination subject to the compliance of voluntary modifications.

Detailed order of the CCI will follow.

Merger control: CCI approval of combination creating joint venture between major entertainment groups, subject to voluntary modifications. The Competition Commission of India approved, subject to voluntary modifications, a combination to consolidate entertainment businesses of Viacom18, Reliance Industries group and Star India Private Limited, whereby Star India will become a joint venture jointly held by Reliance, Viacom18 and existing Disney subsidiaries; the combination encompasses TV broadcasting, OTT operations, advertising sales, content production and related media activities, and a detailed CCI order will follow.