On Saturday, Reliance Industries announced in an exchange filing that the Indian government has approved the transfer of Viacom18's non-news and current affairs television networks to Star India as part of a strategic agreement between Reliance and the Disney Group
The move comes after the Competition Commission of India (CCI) approved the merger of Reliance Industries, Viacom18 Media, Digital18 Media, Star India, and Star TV last month.
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The merger, which intends to form a new joint venture (JV), will integrate Viacom18 into Star India, increasing operational synergies between the two media companies. The agreement was announced on February 28, 2024, and has now been approved by the Ministry of Information and Broadcasting.
According to the order issued on September 27, 2024, the transfer of licenses for non-news and current affairs channels held by Viacom18 to Star India will proceed, subject to conditions laid out by the CCI.
As per the company's filing on the exchange, "the Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, 2024, has granted its approval for transfer of Licenses relating to Non
News & Current Affairs TV channels held by Viacom18 Media Private Limited in favour of Star India Private Limited subject to conditions laid by Competition Commission of India."
On Friday, the shares of Reliance Industries closed at Rs 3052.40, 1.72 per cent up from the previous trading session. The 52 week high and low of the share is Rs 3,217.90 and Rs 3,217.90 respectively.
According to the BSE analytics, the shares have returns of 28.84 per cent in the last 1 year.
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(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money related decisions.)