By
RUBY ZAIDI
The Competition Commission of India has approved the proposed merger between Reliance Industries and Walt Disney India’s media assets, with some voluntary modifications. With this, the two media houses have taken one step forward in creating a $8.5 billion entertainment powerhouse which will give Netflix, Amazon and Sony Pictures Networks competition.
Reliance and Disney agreed to divest some television channels from their portfolios and also committed to advertising price caps for streamed cricket matches, following which the CCI approval will come into force.
CCI said on Twitter on August 28 that it had approved the proposed combination involving Reliance, Viacom18 Media, Digital18 Media, Star India, and Star Television Productions subject to modifications submitted voluntarily by them. CCI will release a detailed order in the days to come.
According to foreign brokerage firm Jefferies, Reliance-Disney will have a 40% share of the Indian advertising market in the TV and streaming segments.
