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Reliance, Viacom18 & Disney joint venture comes into effect

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MUMBAI:  It has taken its time to take its form, but it’s finally got there. Reliance Industries Limited (RIL), Viacom 18 Media (Viacom18) and The Walt Disney Co  (Disney) today announced that following the approval by the NCLT Mumbai, Competition Commission of India (CCI) and other regulatory authorities, the merger of the media and JioCinema businesses of Viacom18 into Star India Pvt Ltd (SIPL) has become effective (the JV). In addition, RIL has invested Rs 11,500 crore ($ 1.4 billion) into the JV for its growth. The latter has  in turn allotted shares to Viacom18 and RIL as consideration for the assets and cash, respectively. 

The transaction values the JV at Rs 70,352 crore (US$ 8.5 billion) on a post-money basis, excluding synergies. At the closing of the transactions noted above, the JV is controlled by RIL and owned 16.34 per cent by RIL, 46.82 per cent by Viacom18 and 36.84 per cent by Disney.  

Nita M. Ambani will be the chairperson of the JV, with Uday Shankar as vice chairperson providing strategic guidance to the JV. 

The JV is home to the most iconic and engaging media brands in India across TV and digital platforms. The combination of Star and Colors on the television side and JioCinema and Hotstar on the digital front will provide extensive choice of content across entertainment and sports to viewers in India and globally. 

A press release issued by the trio hailed the JV as heralding 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 unparallelled content choices at affordable prices to Indian viewers and the Indian diaspora globally.  

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The JV will be one of the largest media and entertainment companies in India with pro forma combined revenue of approximately Rs 26,000 crore (US$ 3.1 billion) for the fiscal year ended in March 2024. The JV operates over 100 TV channels and produces 30,000 plus hours of TV entertainment content annually. The JioCinema and Hotstar digital platforms have an aggregate subscription base of over 50 million. The JV holds a portfolio of sports rights across cricket, football and other sports.  

The CCI  approved the transaction on 27 August 2024, subject to the compliance with certain voluntary modifications offered by the parties. Apart from the CCI, the transaction has been approved by anti-trust authorities in the EU, China, Turkey, South Korea and Ukraine. 

“With the formation of this JV, the Indian media and entertainment industry is entering a transformational era,” said RIL chairman & managing director Mukesh Ambani. “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 Disney CEO Bob  A. Iger. “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.” 

“James and I are excited to be partners in this journey to disrupt the media and entertainment industry in India. The new organisation is committed to deliver an unprecedented level of creativity, disruption and new age consumer experience,” said Bodhi Tree Systems co-founder Uday Shankar. “As media consumption continues to move to an integrated TV-digital ecosystem, the merger of Viacom18 and Star India offers a unique opportunity to reorient the industry to better serve diverse cohorts of consumers across the country. Together, we aim to build India’s largest integrated media platform which will deliver unparalleled experiences in innovative and exciting ways.”

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Media observers agree. Says one of them: “This is a win-win for both the Mukeshbha-run RIL and Disney. The have the extremely skilled and talented Uday Shankar on their side of the fence. They can only grow in strength from hereon. And their opponents in the sector – Zee, Sony, Warner Bros Discovery, Sun TV , Google, Netflix, Amazon Prime Video, Microsoft  –  look like midgets compared to the giant that has been created.  For sure, in the coming years we are going to see attempts by the others to agglomerate and get scale for themselves. Not just consumers the entire sector is in for shakeups and exciting times.”

 

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Sun TV posts steady revenue, profit dips amid rising costs

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CHENNAI: It appears there is still plenty of Sun to go around in the Indian broadcasting landscape, even if a few clouds have drifted across the financial horizon. Sun TV Network Limited, the Chennai-based behemoth that dominates airwaves across seven languages, has tuned into a steady frequency for the quarter ending 31 December 2025. While the numbers show a resilient revenue stream, the company’s latest broadcast reveals a few static-filled spots in its profit margins.

For the quarter in question, Sun TV’s total income climbed by approximately 3.31 per cent, reaching Rs 958.39 crores compared to Rs 927.66 crores in the same period last year. Revenue from operations also saw a healthy bump, rising 4.32 per cent to Rs 827.87 crores.

The real star of the show, however, was domestic subscription revenue, which surged by 8.86 per cent to Rs 472.99 crores. This growth highlights the enduring appetite for Sun’s diverse content, which spans everything from daily soaps in Tamil and Telugu to its burgeoning OTT platform, Sun NXT.

Despite the revenue growth, the picture quality of the profits was slightly blurred by rising costs. Eitda for the quarter stood at Rs 409.79 crores, a dip from the Rs 432.14 crores recorded in the corresponding 2024 quarter.

The profit after tax followed a similar downward trend, settling at Rs 316.44 crores against the previous year’s Rs 347.17 crores. Advertisers also seemed to have switched channels slightly, with advertisement revenues sliding to Rs 291.94 crores from Rs 332.17 crores.

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Sun TV isn’t just playing on home turf; its sporting ambitions are becoming increasingly global. The network now owns three major cricket franchises: SunRisers Hyderabad in the IPL, SunRisers Eastern Cape in SA20, and SunRisers Leeds Limited in The Hundred (UK).

The foray into British cricket saw the company acquire a 100 per cent stake in Northern Superchargers Limited (now SunRisers Leeds) for approximately £100 million. While these franchises brought in Rs 14.61 crores this quarter, they also incurred corresponding costs of Rs 19.89 crores. Over the nine-month period, however, the cricket business is a major player, contributing Rs 487.64 crores in income.

The company’s bottom line took a minor hit from exceptional items, including a Rs 4.23 crore charge related to India’s new Labour Codes, which consolidated 29 existing labour laws. Additionally, the consolidated results reflect the amalgamation of Kal Radio Limited with Udaya FM, a move that became effective in May 2025 and required a restatement of previous figures.

To keep investors from reaching for the remote, the Board has declared an interim dividend of 50 per cent, that’s Rs 2.50 per equity share. This comes on top of earlier dividends of 100 per cent (Rs 5.00) and 75 per cent (Rs 3.75) declared in August and November 2025, respectively.

With a massive cash reserve and a dominant position in the South Indian market, Sun TV continues to shine, even if the current quarter required a bit of fine-tuning. For now, shareholders can sit back, relax, and enjoy the show.
 

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SPNI hires Pradeep M with responsibility for standards and practices in the south

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MUMBAI: Sony Pictures Networks India has hired Pradeep M to handle standards and practices for its southern market, bolstering its compliance bench as content rules tighten across platforms.

Pradeep, who has nearly 13 years in the entertainment media industry, takes on responsibility for content standards in a region that is both linguistically diverse and regulatorily sensitive. His brief spans television, OTT, sports and digital platforms.

He specialises in content review and compliance across shows, commercials, on-air promotions and international feeds, ensuring alignment with broadcast, OTT and advertising codes. He has also handled brand approvals and sponsorship integrations for heavily regulated categories—including online gaming, cryptocurrency, NFTs and lottery brands—offering guidance shaped by fast-evolving rules.

Before Sony, Pradeep worked at Jiostar as assistant manager for content regulation from November 2024 to January 2026. Earlier, he spent nearly seven years at Viacom18 Media, rising from senior executive to assistant manager in content regulation between 2018 and 2024. There he served as a key compliance touchpoint for the network.

His career began on the creative side. Between 2013 and 2018, he worked as executive producer on feature films and television shows, gaining hands-on exposure to production. He also had a stint as a non-fiction show director at Star TV Network in 2017. That mix of creative and regulatory experience gives him a dual lens—how content is made and how it must be managed.

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As regulators, platforms and advertisers all tighten the screws, broadcasters are investing more in gatekeepers who can keep creativity within the lines. Sony’s latest hire shows where the industry is heading: in the streaming age, compliance is content’s quiet co-star.

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Colors Gujarati rolls out two new shows from 2nd February

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MUMBAI: Colors Gujarati has unveiled two new prime-time shows as part of its push to strengthen culturally rooted storytelling for regional audiences. The channel will premiere the devotional saga Gangasati–Paanbai at 7.30 pm, followed by the romantic family drama Manmelo at 9.30 pm from February 2.

Inspired by Gujarat’s spiritual and literary heritage, Gangasati–Paanbai: Shyam Dhun No Navo Adhyay draws from the timeless bhajans and poetry of saint-poetesses Gangasati and Paanbai, weaving devotion and human values into a contemporary narrative aimed at younger viewers.

In contrast, Manmelo explores love and responsibility across social divides, tracing the lives of three middle-class sisters whose relationships with three affluent brothers reshape their futures. The show delves into ambition, emotional conflict and the realities of married life, offering a layered family drama.

A Colors Gujarati spokesperson said the new launches reflect the channel’s commitment to authentic Gujarati entertainment that blends cultural values with modern storytelling.

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