Competition Commission of India: The proposed combination of entertainment businesses and other businesses namely, Viacom18 Media Private Limited (‘Viacom18’), Digital18 Media Limited, part of Reliance Industries Limited (‘RIL’) and Star India Private Limited (SIPL), Star Television Productions Limited (‘STPL’), wholly owned by The Walt Disney Company (‘TWDC’) was approved by the Competition Commission of India (‘CCI’), subject to the compliance of voluntary modifications.
CCI’s approval will result in SIPL, currently owned by TWDC through its subsidiaries, to become a joint venture (JV), held by RIL, Viacom18 and existing TWDC subsidiaries.
This JV is valued at $ 8.5 billion, making it one of the largest deals in the Indian media and entertainment space.
RIL, either directly or indirectly, is engaged in several businesses. Viacom18 is, inter alia, engaged in the business of broadcasting of television (TV) channels, operation of an OTT platform, selling commercial advertisement space, licensing of merchandise, and organization of live events in India and worldwide. SIPL is engaged in a range of media activities including TV broadcasting and the production of AV content and motion pictures, operation of an OTT platform, and selling commercial advertisement space on TV channels and OTT platforms. STPL is a company incorporated in the British Virgin Islands and owned, indirectly, by TWDC.
RIL and Viacom18 was represented by Shardul Amarchand Mangaldas & Co. (‘SAM & Co.’) and Khaitan & Co. SAM & Co. competition team was led by Managing Partner Pallavi S. Shroff and included Partners Shweta Shroff Chopra, Harman Singh Sandhu, Aman Singh Sethi and Atreyee Sarkar; Principal Associate Rahul Shukla; and Associates Sanjana L.B., Anik Bhaduri, Aryika Dadhwal, Mohsin Rahim and Janhavi Singh. Khaitan & Co competition team was led by Senior Partner Haigreve Khaitan, and included Partners Anisha Chand and Anshuman Sakle, Principal Associates Soham Banerjee and Alisha Mehra, and Associates Yatharth V. Singh and Rishabh Vohra. TWDC and Star India Private Limited was represented by AZB & Partners.
