Merger with Disney Star (2023–present)
In December 2023, it was announced that The Walt Disney Company India and Reliance had signed a non-binding term sheet for a merger. According to its terms, Reliance would hold 51% of the merged company in cash and stock, while Disney would own the remaining 49%. For purposes of the merger, a subsidiary of Viacom18 was going to be created to absorb Disney Star through a stock swap,[23] pending ratification and regulatory approval.[24][25][26][27]
In February 2024, Disney and Reliance reached a deal to merge their streaming and television assets, with the joint venture valued at $8.5 billion including synergies. As part of the deal, Viacom18 would be merged into Disney Star with Disney holding a 36.84% stake in the combined entity, which would bring together assets such as linear television entertainment channels StarPlus, Colors TV and the Star Gold Network, sports channels Star Sports and Sports18 and the streaming services JioCinema and Disney+ Hotstar with Nita Ambani serving as the chairperson of the joint venture, with Uday Shankar serving as vice chairperson with the deal giving 16.34% to Reliance and 46.82% to Viacom18[23] and is expected to close sometime in late 2024 or early 2025 pending regulatory approval.[28][29]
In March 2024, it was reported that Paramount Global (now Paramount Skydance Corporation as of August 2025) was looking to sell its 13.01% stake in Viacom18 to Reliance, which already owned a 73.91% share via TV18.[30] Although Bloomberg News reported that the deal was unlikely to close, the deal was confirmed a week later for $517 million, its closure subject to regulatory approval and the completion of the joint venture between Viacom18 and Disney. Paramount would, however, continue to license its content to the company.[31]
On May 14, 2024, It was reported the deal between Disney and Reliance was approved by National Company Law Tribunal, with the JioCinema streaming service being moved to the Digital18 unit as part of the merger.[32][33]
On 28 August 2024, the CCI has approved the merger of Disney+ Hotstar with Viacom18.[34]
On 28 September 2024, the Central government gave a nod to the transfer of the non-news and current affairs TV channels held by Viacom18 to Star India subject to conditions laid by the Competition Commission of India.
On 14 November 2024, Reliance Industries Limited issued a media release stating that the merger of Viacom18 with Disney Star had become effective.[35][2]
