Reliance Industries Ltd is poised to complete its merger with Disney's India business by the end of Q3 FY25, creating India's largest media conglomerate, with a valuation exceeding ₹70,000 crore (approximately $8.5 billion), as assessments from the regulatory filings show. 

The Competition Commission of India (CCI) and the National Company Law Tribunal have already approved and sanctioned the merger, indicating regulatory compliance, RIL stated in their quarterly report.

"The merger of TV18 Broadcast Ltd. (TV18), and e-Eighteen.com Ltd. (E18) with Network18 Media & Investments Ltd. (Network18) through a Scheme of Arrangement was sanctioned by the National Company Law Tribunal, Mumbai Bench and was made effective on 3rd October 2024," the company announced in its Q2 results media release.

The companies are in the process of obtaining other requisite approvals for the completion, and the "record date for the purpose of determining the equity shareholders of TV18 and E18 entitled to receive the equity shares of Network18, as per the Scheme, has been set as October 16, 2024," the company further stated in the report.

On September 27, the Indian government approved the transfer of licenses for non-news TV channels, which were under Reliance Industries' media, to Star India, according to the PTI report.

Once completed, Reliance Industries and its affiliates will hold a majority 63.16% stake in the combined entity, while Walt Disney will retain 36.84% of the shareholding. Reliance has pledged a significant investment of ₹11,500 crore ($1.4 billion) to strengthen the joint venture.

Nita Ambani, wife of Mukesh Ambani, will head the joint venture, while Uday Shankar will serve as vice-chairperson. The combined assets of the entity include two streaming services and a portfolio of 120 television channels, featuring popular brands like Comedy Central, MTV, Nickelodeon, and Disney's Star network.

This merger will be a milestone in India's media ecosystem development and positions the combined entity as a formidable competitor to global streaming giants like Netflix, Amazon Prime, and Sony.

The merger consolidates Disney's extensive content library with Reliance's distribution strength and investment. As India's demand for high-quality content continues to rise, this partnership between Reliance and Disney is set to redefine the future of entertainment in the country.