 said the deal marks the beginning of a new era in India’s entertainment industry. Welcoming Disney to the Reliance family, Ambani said just like Jio and the retail business, the expanded media business will be an invaluable growth centre in the Reliance ecosystem. “Let us now talk about our partnership with Disney. This marks the beginning of a new era in India’s entertainment industry. We are combining content creation with digital streaming,” he said at RIL’s 47th AGM. On Wednesday (28), Competition Commission of India (CCI) approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country’s largest media empire worth over $8.43 billion. Reliance, through holding firm Network 18, owns TV18 news channels as well as a plethora of entertainment (under the ‘Colors’ brand) and sports channels. “We will provide world-class digital entertainment across the spectrum,” Ambani said, adding, “we will cater to every consumer’s taste. We are excited about this partnership”. The joint entity would have two leading OTT streaming platforms Disney Hotstar and Jio Cinema. “We are combining content creation with digital streaming,” Ambani said, adding, “our digital-first approach will deliver unparalleled content at affordable prices”. The deal, announced six months ago, faced scrutiny by the anti-trust regulator and the approval came after both parties proposed certain modifications to the original transaction structure. Under the deal, Mukesh Ambani-led Reliance Industries Ltd (RIL) and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. The Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India’s largest media house. Reliance Industries has also agreed to invest close to $1.39 billion into the joint venture to give it the muscle to fight rivals like Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman Mukesh Ambani will head the joint venture, while Uday Shankar will be the Vice Chairperson. Ambani further said Reliance’s media and entertainment business has achieved over $ 1.2 billion of revenue. Its OTT platform JioCinema in a short span of time has reached major milestones in the digital sports and entertainment sector. The IPL season held earlier this year — the second to be broadcast on JioCinema — was a huge success, reaching 62 crore Indians. “Total viewership grew 50 per cent. This made it the most-watched livestream event in the world. This success continued during the Olympics,” he said. Terming JioCinema’s new subscription pack as a “game-changer”, Ambani said in just 100 days it crossed 15 million paying subscribers. “This is the fastest growth in this category,” he said. Its flagship Hindi channel Colors reached its highest market share in 12 years, climbing to the number 1 position last year. As part of his address, Ambani said, its news business is reaching “new heights” leading in both general and business news. “We are the only network in India with global ambitions,” he said. Reliance through News18 Network operates a bouquet of 16 news channels in Hindi, English and regional languages, including CNBC-TV18 and CNN-News18. For More Interesting News Follow Us on Instagram){kind=link}
A day after anti-trust regulator CCI accredited the mega merger of media property of RIL and Walt Disney, Reliance Chairman Mukesh Ambani on Thursday (29) mentioned the deal marks the start of a brand new period in India’s leisure business.
Welcoming Disney to the Reliance household, Ambani mentioned similar to Jio and the retail enterprise, the expanded media enterprise shall be a useful development centre within the Reliance ecosystem.
“Allow us to now discuss our partnership with Disney. This marks the start of a brand new period in India’s leisure business. We’re combining content material creation with digital streaming,” he mentioned at RIL’s forty seventh AGM.
On Wednesday (28), Competitors Fee of India (CCI) accredited the merger of media property of Reliance Industries and The Walt Disney Co to create the nation’s largest media empire value over $8.43 billion.
Reliance, by means of holding agency Community 18, owns TV18 information channels in addition to a plethora of leisure (below the ‘Colours’ model) and sports activities channels.
“We are going to present world-class digital leisure throughout the spectrum,” Ambani mentioned, including, “we are going to cater to each client’s style. We’re enthusiastic about this partnership”.
The joint entity would have two main OTT streaming platforms Disney Hotstar and Jio Cinema.
“We’re combining content material creation with digital streaming,” Ambani mentioned, including, “our digital-first method will ship unparalleled content material at reasonably priced costs”.
The deal, introduced six months in the past, confronted scrutiny by the anti-trust regulator and the approval got here after each events proposed sure modifications to the unique transaction construction.
Below the deal, Mukesh Ambani-led Reliance Industries Ltd (RIL) and its associates will maintain 63.16 per cent of the mixed entity that can home two streaming companies and 120 tv channels.
The Walt Disney will maintain the remaining 36.84 per cent stake within the mixed entity, which can even be India’s largest media home.
Reliance Industries has additionally agreed to take a position near $1.39 billion into the three way partnership to offer it the muscle to combat rivals like Sony and Netflix.
Nita Ambani, spouse of billionaire and RIL Chairman Mukesh Ambani will head the three way partnership, whereas Uday Shankar would be the Vice Chairperson.
Ambani additional mentioned Reliance’s media and leisure enterprise has achieved over $ 1.2 billion of income.
Its OTT platform JioCinema in a brief span of time has reached main milestones within the digital sports activities and leisure sector. The IPL season held earlier this 12 months — the second to be broadcast on JioCinema — was an enormous success, reaching 62 crore Indians.
“Complete viewership grew 50 per cent. This made it the most-watched livestream occasion on the planet. This success continued through the Olympics,” he mentioned.
Terming JioCinema’s new subscription pack as a “game-changer”, Ambani mentioned in simply 100 days it crossed 15 million paying subscribers. “That is the quickest development on this class,” he mentioned.
Its flagship Hindi channel Colours reached its highest market share in 12 years, climbing to the #1 place final 12 months.
As a part of his handle, Ambani mentioned, its information enterprise is reaching “new heights” main in each normal and enterprise information.
“We’re the one community in India with international ambitions,” he mentioned.
Reliance by means of News18 Community operates a bouquet of 16 information channels in Hindi, English and regional languages, together with CNBC-TV18 and CNN-News18.
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