Reliance Industries seeks CCI approval for Viacom18-Star India merger
The Hindu
Reliance Industries has sought approval from fair trade regulator Competition Commission of India for the $8.5-billion merger of Viacom18 and Star India Pvt Ltd
Billionaire Mukesh Ambani-promoted Reliance Industries has sought approval from fair trade regulator Competition Commission of India (CCI) for the $8.5-billion merger of Viacom18 and Star India Pvt Ltd (SIPL).
"The proposed transaction aims to combine the entertainment businesses (along with certain other identified businesses) of Viacom18, part of Reliance Industries Ltd (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, will become a joint venture (JV) which will be jointly held by RIL, Viacom18 and existing TWDC subsidiaries," a notice filed with the CCI said on Friday.
The proposed transaction will not cause any appreciable adverse effect on competition in India, RIL said in the notice.
However, to facilitate the CCI's assessment, they have identified several key markets where horizontal overlaps were significant such as licensing of audio visual content rights, distribution of broadcast TV channels, provision of audio visual (AV) content, and supply of advertising space in India.
SIPL is engaged in a range of media activities, including TV broadcasting, motion pictures and operation of an OTT platform. It is a wholly-owned entity of U.S.-based The Walt Disney Company (TWDC).
Viacom18 is engaged in the business of broadcasting of television (TV) channels, operation of an over-the-top (OTT) platform, in India and worldwide. It is also engaged in the business of production and distribution of motion pictures.
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