Viacom 18

Sep 29, 2025

The National Company Law Tribunal ( NCLT ) in Mumbai has approved the cross-border merger of Star Television Productions Limited (STPL), based in the British Virgin Islands , with its Indian subsidiary, Star India Private Limited (SIPL), now renamed Jio Star India , according to The Economic Times. According to the report by ET, the tribunal allowed the merger under sections 230-232 of the Companies Act on September 26, finding it "fair, reasonable, and not in violation of any provisions of law" in its order. What will happen following this merger? The merger unifies brand ownership and operations at Jio Star. On September 24, 2024, the boards of both corporations accepted the plan. STPL shareholders will receive 143 Jio Star equity shares (Rs 10 apiece) in exchange for each STPL share worth USD 1 (approximately Rs 83.5 at the time). BDO Valuation Advisory LLP estimated Star India's enterprise value at Rs 34,609 crore and equity value at Rs 26,484 crore (Rs 467.9 per share), after accounting for debt, cash, investments, liabilities, and surplus assets. The valuation includes Star India's businesses prior to its merger with Viacom18, as reported by ET. JioStar Joint Venture The recent joint venture, which will be completed in November 2024, combines Viacom18's media and JioCinema companies with Disney's Star India activities. The new firm is valued at around Rs 70,352 crore (approximately USD 8.5 billion) post-money. Reliance controls the joint venture directly with a 16.34 per cent share, while its subsidiary Viacom18 owns 46.82 per cent and Disney owns 36.84 per cent. Reliance has invested Rs 11,500 crore (about USD 1.4 billion) as expansion capital in the venture. The joint venture manages over 100 television channels and produces more than 30,000 hours of TV content each year. Its digital platforms, JioCinema and Hotstar, have a combined subscription base of more than 50 million. It also has exclusive broadcasting rights for several sports, including cricket and football.