Ambani’s bet on streaming: Here’s how India’s new entertainment behemoth will look like

Big bet on streaming business: The Competition Commission of India (CCI) on Tuesday released a 48-page order that grants approval for the merger of media assets between Mukesh Ambani ’s Reliance Industries and Walt Disney’s Indian arm. The merger between Reliance Industries, Disney, and Bodhi Tree Systems has created India's largest media and entertainment company, with a presence in both television and streaming markets. 

The approval comes with a set of conditions to be met, including the divestment of seven TV channels.

New structure of India’s new entertainment behemoth

Under the deal, Reliance will hold the majority control with a 56 per cent stake, Disney will have a 37 per cent share, and Bodhi Tree Systems will retain 7 per cent.

Valued at approximately Rs 70,352 crore, this newly merged entity combines major media platforms, including Star India, valued at Rs 26,000 crore, and Viacom18, worth Rs 33,000 crore. 

Disney+ Hotstar and JioCinema, the streaming platforms from Disney and Reliance, have surpassed the valuations of their traditional TV businesses. 

As part of the merger agreement, Reliance and Disney have committed not to bundle together advertising slots for cricket broadcasting rights—such as IPL, ICC, and BCCI—for the remainder of their contracts. They also agreed not to hike advertising rates unjustifiably for these high-demand cricket events. The move is likely aimed at keeping advertising competition fair while ensuring the merger does not negatively impact the market.

Reliance has also injected Rs 11,500 crore into the merged company, bringing its total investment to over Rs 22,000 crore. Back in April 2023, Reliance had already invested Rs 10,839 crore into Viacom18, and Bodhi Tree Systems also contributed Rs 4,306 crore. 

Nita Ambani has been named chairperson of the new company, while Uday Shankar will serve as vice-chairperson. Together, they will steer this entertainment giant, which now controls major TV channels, streaming services, and key sports broadcasting rights, shaping the future of Indian media.