Reliance and Disney Announce Completion of Transaction to Form Joint Venture to Bring Together the Most Iconic and Engaging Entertainment Brands in India
Joint Venture ready to lead the transformation of India’s digital streaming eco-system and grow the linear TV space across entertainment and sports
Reliance has invested ₹
Reliance to operate and consolidate the Joint Venture
Mrs. Nita M. Ambani to be the Chairperson
The transaction values the JV at ₹
Mrs. Nita M. Ambani will be the Chairperson of the JV, with Mr. Uday Shankar as Vice Chairperson providing strategic guidance to the JV.
The JV is home to the most iconic and engaging media brands in
The formation of the JV will herald a new era in India’s entertainment industry for consumers. This unique joint venture of Reliance and Disney brings together the companies’ content creation and curation prowess, world-class digital streaming capabilities along with a digital first approach that will help the JV deliver unparalleled content choices at affordable prices to Indian viewers and the Indian diaspora globally.
The JV will be one of the largest Media & Entertainment companies in
The Competition Commission of
Speaking about the JV, Mr. Mukesh D Ambani, Chairman & Managing Director of Reliance Industries Limited, said, “With the formation of this JV, the Indian media and entertainment industry is entering a transformational era. Our deep creative expertise and relationship with Disney, along with our unmatched understanding of the Indian consumer will ensure unparalleled content choices at affordable prices for Indian viewers. I am very excited about the JV’s future and wish it all the success.”
“This is an exciting moment for our two companies, as well as for India’s consumers, as we create one of the top entertainment entities in the country through this joint venture,” said Mr. Robert A. Iger, Chief Executive Officer, The Walt Disney Company. “By joining forces with Reliance, we are able to expand our presence in this important media market and deliver viewers an even more robust portfolio of entertainment, sports content, and digital services.”
Mr. Uday Shankar, Co-Founder of Bodhi Tree Systems, said, “James and I are excited to be partners in this journey to disrupt the media and entertainment industry in
The JV will be spearheaded by three CEOs who will lead the company into a new era of ambition and disruption. Kevin Vaz will head the entertainment organisation across platforms. Kiran Mani will take charge of the combined digital organization. Sanjog Gupta will lead the combined sports organisation. Together, they will leverage their unique strengths to cultivate a bold, transformative vision that challenges the status quo and sets new standards in the industry.
In a separate transaction, RIL has bought out Paramount Global’s entire stake of
About Reliance Industries Limited
Reliance is India’s largest private sector company, with a consolidated revenue of INR
Currently ranked 86th, Reliance is the largest private sector company from
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries, is a leading diversified international family entertainment and media enterprise that includes three business segments: Entertainment, Sports and Experiences. Disney is a Dow 30 company and had annual revenue of
About Bodhi Tree Systems
Bodhi Tree Systems is a strategic investor in consumer technology opportunities in
FORWARD-LOOKING STATEMENTS – THE WALT DISNEY COMPANY
The terms “Company,” “we,” and “our” are used below to refer collectively to The Walt Disney Company and the subsidiaries through which its various businesses are actually conducted.
Certain statements and information in this communication may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, strategies, business or financial prospects or outlook, trends, future growth opportunities and drivers; expected benefits of the joint venture, including future products and service offerings and consumer sentiment, priorities and demand; and other statements that are not historical in nature. These statements are made on the basis of the Company’s views and assumptions regarding future events and business performance and plans as of the time the statements are made. The Company does not undertake any obligation to update these statements unless required by applicable laws or regulations, and you should not place undue reliance on forward-looking statements.
Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives or other business decisions, as well as from developments beyond the Company’s control, including: the occurrence of subsequent events; deterioration in domestic or global economic conditions or failure of conditions to improve as anticipated; deterioration in or pressures from competitive conditions, including competition to create or acquire content; competition for talent and competition for advertising revenue; consumer preferences and acceptance of our content, offerings, pricing model and price increases, and corresponding subscriber additions and churn, and the market for advertising sales on our direct-to-consumer services and linear networks; health concerns and their impact on our businesses and productions; international, political or military developments; regulatory and legal developments, technological developments; labor markets and activities, including work stoppages; adverse weather conditions or natural disasters; and availability of content.
Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and “Business,” quarterly reports on Form 10-Q, including under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and subsequent filings with the Securities and Exchange Commission.
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Reliance Industries Limited
Tushar Pania
Corporate Communications
tushar.pania@ril.com
The Walt Disney Company
George Cherian
Corporate Communications Disney India & Star India
George.Cherian@disney.com
David Jefferson
Corporate Communications
David.J.Jefferson@disney.com
Kelvin Liu
Corporate Communications
Kelvin.Liu@disney.com
Source: The Walt Disney Company