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  • Reliance and Disney announce strategic joint venture

    Reliance and Disney announce strategic joint venture

    Mumbai: Reliance Industries Ltd (“RIL”), Viacom 18 Media Private Ltd (“Viacom18”) and The Walt Disney Company (NYSE: DIS) (“Disney”) today announced the signing of binding definitive agreements to form a joint venture (“JV”) that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (“SIPL”) through a court-approved scheme of arrangement.

    In addition, RIL has agreed to invest at closing Rs 11,500 crore (~US$ 1.4 billion) into the JV for its growth strategy.

    The transaction values the JV at Rs 70,352 crore (~US$ 8.5 billion) on a post-money basis, excluding synergies. Post completion of the above steps, the JV will be controlled by RIL and owned 16.34 per cent  by RIL, 46.82bper cent  by Viacom18 and 36.84 per cent  by Disney.

    Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals.

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

    The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment (e.g. Colors, StarPlus, StarGOLD) and sports (e.g. Star Sports and Sports18) including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar. The JV will have over 750 million viewers across India and will also cater to the Indian diaspora across the world.

    The JV will seek to lead the digital transformation of the media and entertainment industry in India and offer consumers high-quality and comprehensive content offerings anytime and anywhere. The combination of the media expertise, cutting-edge technology and diverse content libraries of Viacom18 and Star India will allow the JV to offer more appealing domestic and global entertainment content and sports livestreaming services, while delivering an innovative and convenient digital entertainment experience at affordable prices. With the addition of Disney’s acclaimed films and shows to Viacom18’s renowned productions and sports offerings, the JV will offer a compelling, accessible and novel digital-focused entertainment experience to people in India and the Indian diaspora globally.

    The JV will also be granted exclusive rights to distribute Disney films and productions in India, with a license to more than 30,000 Disney content assets, providing a full suite of entertainment options for the Indian consumer.

    Speaking about the JV,  Reliance Industries , chairman & managing director Mukesh D Ambani said, “This is a landmark agreement that heralds a new era in the Indian entertainment industry. We have always respected Disney as the best media group globally and are very excited at forming this strategic joint venture that will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation. We welcome Disney as a key partner of Reliance group.”

    The Walt Disney CompanynCEO Bob Iger said, “India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company.

    Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country’s leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content.”

    Bodhi Tree Systems , co-founder Uday Shankar said, “We are privileged to be enhancing our relationship with Reliance to now also include Disney, a global leader in media & entertainment. All of us are committed to delivering exceptional value to our audiences, advertisers, and partners. This joint venture is poised to shape the future of entertainment in India and accelerate the Prime Minister’s vision of making Digital India a global exemplar.”

    The transaction is subject to regulatory, shareholder and other customary approvals and is expected to be completed in the last quarter of Calendar Year 2024 or first quarter of Calendar Year 2025.

    Goldman Sachs is acting as financial and valuation advisor and Skadden, Arps, Slate, Meagher & Flom LLP, Khaitan & Co and Shardul Amarchand Mangaldas & Co are acting as legal counsels to RIL and Viacom18 on the transaction. Ernst & Young has provided an independent valuation to RIL and Viacom18, while HSBC India acting as financial advisor has provided a Fairness Opinion to Viacom18.

    The Raine Group is acting as lead financial advisor to Disney on the transaction. Citi is acting as a financial advisor to Disney. Cleary Gottlieb served as lead outside counsel to Disney and Covington & Burling and AZB served as legal counsels to Disney on the transaction. BDO has provided an independent valuation to SIPL.

  • Disney CEO Bob Chapek says Star India is a shining example

    Disney CEO Bob Chapek says Star India is a shining example

    MUMBAI: The Walt Disney Co CEO Bob Chapek is extremely bullish on Star India which it acquired as a part of its Fox acquisition. During the Morgan Stanley Technology, Media and Telecommunications Conference in the US on 2 March, Chapek said, “Star India has so much there, to unwind and unpack. From a broadcaster’s standpoint it is India’s number one broadcaster. India is one of the few markets in the world where TV viewing is actually up.”

    He added that under Star, Disney has the leading sports portfolio, which is critically important, and a leading content engine under FoxStar Studios.

    “On top of this you layer on the Hotstar business that has got 17,000 hours of original programming every year, that is fantastic and we believe it is the ultimate streaming destination in south east Asia and in India. We are pleased with the way the business has unfolded in south east Asia and India,” he explained.

    He was quite confident that Hotstar would scale from 30 million to 100 million paid subs by 2024, pointing out to the investment in programming that the company is making. “But at the same time you also realise that south east and India is a very unique market. We have got distribution relationships with Jio in India and Telekomsel in Indonesia. But it does not end here: the product localisations are absolutely critical here because there’s low broadband speeds and it is a mobile first market. It's not a one size fits all. India is a shining example of the need to be unique and cater to that market.”

    Play it again, Bob. Say it again!

  • Uday Shankar stresses lowering dependence on ad rev

    Uday Shankar stresses lowering dependence on ad rev

    NEW DELHI: FICCI Frames, for the first time, conducted a digital virtual conference on the media and entertainment industry. Discussing the role of the creative economy to revitalise economic growth were The Walt Disney Asia Pacific chairman and Star and Disney India president and FICCI senior VP Uday Shankar, Google India country manager and vice president and FICCI committee chairman Sanjay Gupta, ambassador of Italy to India HE Vincenzo De Luca, minister of state for finance and corporate affairs Anurag Thakur and minister of information and broadcasting Prakash Javadekar.

    Shankar touched upon important aspects on how to tackle the challenges due to pandemic and make the industry more vibrant. He said, “When FICCI frame was launched the total size of the media industry at that time was very low across the print, TV, radio but today it is a 20-25-billion-dollar industry. From about 100 channels in the year 2000 today we have 900 channels in the country. The size of the print industry which was about $1 billion is now at $4 billion.  India remains one of the few countries where the print business is reasonably healthy. The emergence of the digital industry has already become the nucleus of the media and entertainment sector.”

    He added, “Despite all the setbacks and hurdles, what we are facing is temporary. We can easily overcome them and make a big leap. As the industry has grown, its dependence on advertising has grown and it has helped all participants. But it has been a source of distraction also. If the industry has to grow to the next level, one thing that must be fixed is our ability and desire to get people to pay for what they consume and the only way the industry can grow."

    Shankar asserted that this year the industry is going to be hurt very badly due to Covid2019 and primarily due to the dependence on advertisers.

    “The content business has gone truly global and the opportunity to scale it up is much bigger. We have not been able to invest in content and take our ambition to the global domain. The industry needs to grow its content ambition. We need to think beyond weekly ratings and aim for Indian content to travel globally,” he said.

    Gupta said, “In 2019, the industry had a revenue of $20 billion and digital media accounted for 20 per cent but in 2020, the sector has shrunk to $15 billion. It is estimated that around 20 per cent may lose their jobs in the M&E industry. We need collective efforts within the industry and from government.”

    He also mentioned a point that despite years of applause for Bollywood, it has still not managed to create a truly global market. Gupta shared, “India gets less than seven per cent revenue from overseas market. Hollywood, in contrast earns more than 70 per cent from the global markets. We can be a $100 billion global industry by 2030 if we adopt significant policies and support to accelerate films and games."

    He gave some ideas to expedite some of the policy decisions which can help in the sector recoveries.

    “We need to possibly resolve some of the critical issues like tax burden on DTH and radio. Theatres can be allowed for multiple activities i.e. showing sports games and educational activities to maximise capital utilisation. The broadcasting sector will benefit by ensuring light-touch regulation to enabling the industry to continue on the recovery path with speed," shared Gupta.

    Thakur shared that in the last three years there has been a sea change in the entertainment industry as far as digital media is concerned. 

    “The creative economy is an interplay between human creative ideas, intellectual property, knowledge and technology. If we look at the global market of the creative goods it has doubled from $208 billion in 2002 to $509 billion in 2015. India needs to have a bigger chunk of this pie. While we create volumes, we also must create value and set our goals higher. From simply made in India, we must also aim to be designed and conceptualised in India," he said.

    Follow Tellychakkar for the consumer facing news & entertainment

  • Sanjay Gupta is India country manager in The Walt Disney APAC rejig

    Sanjay Gupta is India country manager in The Walt Disney APAC rejig

    MUMBAI: The Walt Disney Co announced a major reshuffle of its leadership team for the APAC (Asia Pacific) and Middle East region on Monday. Sanjay Gupta will be country manager of India and will also have direct responsibility for the studio business in the country while K Madhavan will lead Star India’s regional language media networks.

    Star India chairman and CEO and 21st Century Fox Asia president Uday Shankar said, “It is a momentous opportunity to be able to chart the course of The Walt Disney Co. in Asia Pacific and Middle East. While our region is experiencing tremendous change, the common thread that binds it together is the exciting opportunity it presents to build on the great businesses that we have today and create transformational businesses of tomorrow. My endeavour is to build an organisation that enables us to take full advantage of this unique opportunity and capitalise on the potential of the great leadership talent that we have in the region.”

    Sanjay Jain and Amita Maheshwari will lead finance and human resource respectively. Anju Jain Kumar will be the chief regional counsel for North Asia and ANZ while Deepak Jacob will be the chief regional counsel for India, South East Asia and Middle East. Amit Malhotra will lead emerging markets and content sales for APAC (except North Asia).

    “We recognise the need for a sharp focus on building deeply local businesses. To achieve this, we are making some changes to the current market structure. This will allow us to serve the strategic agenda in each market and enable our exceptional leaders to build even greater and more successful businesses. Above all, this will facilitate our transformation into a direct-to-consumer company that rests on deep local foundations,” Shankar added.  

    North Asia will be led by Luke Kang who will look after business including direct country management of Mainland China and Japan. Chafic Najia will be country manager of Middle East media cluster while Kylie Watson-Wheeler will continue to serve as country manager of Australian and New Zealand (ANZ) business with direct responsibility for media networks and direct-to-consumer. Kurt Rieder will lead the studio business for APAC (except India).

  • Spencer Neumann appointed Netflix CFO

    Spencer Neumann appointed Netflix CFO

    MUMBAI: Spencer Neumann will be joining Netflix as chief financial officer, the company has confirmed. Before this, Neumann was CFO of Activision Blizzard and is also equipped with experiences from senior positions at The Walt Disney Company.

    Neumann will succeed David Wells who served as CFO since 2010.

    On Neumann’s appointment, Netflix CEO Reed Hastings said, “Spencer is a stellar entertainment executive and we’re thrilled that he will help us provide amazing stories to people all over the world.” For the departing David Wells, he said, “I also want to again say thank you to David Wells, on behalf of the company and our shareholders, for his invaluable contributions at Netflix over the past 14 years.”

    Neumann, describing his excitement said, “Netflix is a singular brand, and I’m excited and honoured for the opportunity to work with the Netflix team and all of our stakeholders to build on the company’s exceptional track record of success and innovation.”

    With increasing responsibilities at The Walt Disney Company, Neumann has also served in a number of positions for the company. He was the CFO and executive vice president of Global Guest Experience of Walt Disney Parks and Resorts, from 2012 until May 2017.

  • Sony Entertainment Television appoints Sagnik Mukherjee as AVP marketing

    Sony Entertainment Television appoints Sagnik Mukherjee as AVP marketing

    MUMBAI: Sagnik Mukherjee is set to join Sony Entertainment Television as associate vice president marketing, a source close to the development confirmed to Indiantelevision.com.

    Previously, Mukherjee was brand head (AVP) – brand management and marketing at &TV for five years. Before &TV, Mukherjee worked with The Walt Disney as manager, product planning and programming strategy for all movie channels of the network.

    Equipped with more than 13 years of experience, Mukherjee had previously worked with companies like UTV, Lodha Group, Bennett Coleman and Co, Career Forum and Novar.

    Mukherjee has a degree in BE, Instrumentation from Rajiv Gandhi Institute of Technology. He is also an alumnus of Mudra Institute of Communications, Ahmedabad.

  • Paul Buccieri named as president of A+E Networks Group

    Paul Buccieri named as president of A+E Networks Group

    MUMBAI: According to reports, Hearst and The Walt Disney Company have announced that Paul Buccieri has been named as president of A+E Networks Group and will report to the network’s board of directors.

    In his previous role, Buccieri was responsible for all aspects of A+E Studios and the A+E Networks brand portfolio. During his tenure, he bolstered the strength of the A+E Networks Portfolio Group, entrenching both A+E and History as top 10 networks, and charted a new strategic course for Lifetime.

    The announcement was made by Hearst president and CEO Steven R Swartzand and Disney Media Networks co-chair and president of Disney|ABC Television Ben Sherwood.

    In a joint statement, Swartz and Sherwood said, “Paul’s successful track record running A+E Studios and overseeing programming at the portfolio of brands, combined with his experience in worldwide production, distribution, syndication and digital, will further propel A+E Networks’ momentum. He’s a proven leader, strong collaborator and skilled programmer with an eye for identifying trends in the very competitive content marketplace. As we make this announcement, we also thank A+E Acting Chairman Abbe Raven for her leadership during the transition and her assistance in identifying Paul as the network’s next leader. Abbe will remain in her role at least through year-end.”

    Buccieri added, “I want to sincerely thank our board members at Disney and Hearst for offering me this exceptional opportunity to lead A+E Networks during this transformative time in media. I could not be prouder of A+E’s powerful brands, strong partnerships and, most importantly, the talented people I get to work with every day. We look forward to expanding on our solid foundation of creativity.”

    Buccieri joined A+E Networks in 2015 as president, A&E and History, overseeing all content creation, programming, brand development and marketing for A&E and History, and affiliated brands.

    Previously, Buccieri served as chairman, ITV Studios US Group and ITV Studios Global Entertainment for ITV. He also led ITV’s international television distribution and consumer products business. Prior to joining ITV, Buccieri was president of programming, production and development at Fox Twentieth Television.

  • Comcast makes sweet $65 bn offer for Fox’s entertainment assts

    Comcast makes sweet $65 bn offer for Fox’s entertainment assts

    Let the games begin. That’s the clarion call that Comcast CEO Brian Roberts has given by making an offer of $65 billion to acquire the Murdoch-owned Fox entertainment assets. Priced at $35 a share, the Comcast “superior” offer is at a 19 per cent premium over what Disney’s Bob Iger  made last year at $28 per share or $52.4 billion in an all-stock transaction.  The deal is undergoing regulatory approval and includes Fox’s movie studios, networks Nat Geo and FX, Asian pay-TV operator Star TV, and stakes in Sky, Endemol Shine Group and Hulu, as well as regional sports networks.

    Comcast is already taking steps to clearly stake its claim to the prized 21C Fox assets.  Roberts in a letter addressed to Rupert, Lachlan and James Murdoch stated that his company was going ahead with filing a preliminary proxy statement with the Securities Exchange Commission (SEC) in opposition to the Disney merger proposal. He added that Comcast had been “advised this is necessary to be in a position to be able to communicate with your shareholders directly regarding the votes they are being asked to cast on 10 July We hope this is precautionary only, as we expect to work together to reach an agreement over the next several days.”

    The Comcast  offer comes a day after a US district judge Richrd Leon  approved AT&T’s $85 billion bid for Time Warner. Leon emphatically thumbed down the government’s claim that AT&T/Time Warner would be anti-competitive and harm consumers. Roberts who had already announced last month that his company would make an offer post the regulatory go ahead from the US law makers for the AT&T- Time Warner transaction.

    Most observers are expecting The Walt Disney Co to up the ante by bettering its bid possibly flagging off a bidding war.

    Roberts in a conference call with investment analysts said that Fox’s assets are financially attractive. “Fox is an outstanding company which has done an outstanding aggregating content and distribution on a global basis,” he said. “This transaction offers a good chance to add these complimentary assets to our existing NBC Universal portfolio laying the foundation for many group opportunities. We have a proven track record of integrating companies, investing in them and growing them. And we can do that for Fox assets.”

    Roberts was quite confident that Comcast’s proposed transaction will obtain all necessary regulatory clearances in a timely manner and that “the transaction is as or more likely to receive them than the Disney transaction. Accordingly, we are offering the same regulatory commitments as the ones 21CF has already obtained from Disney, including the same $2.5 billion reverse termination fee agreed to by Disney. To further evidence our commitment, we also are offering to reimburse the $1.525 billion break-up fee to be paid by you to Disney, for a total cost to Comcast of $4.025 billion, in the highly unlikely scenario that our transaction does not close because we fail to obtain all necessary regulatory approvals.”

    During the conference call. Roberts added that the acquisition of Fox’s assets would expand Comcast’s core businesses to new markets and give it leadership position in four of the markets of the US, the UK, India and Latin America. Also the third most valued media company’s  international revenue contribution to its top line would rise from nine percent to 27 per cent following the digestion of Fox assets. Distribution platforms  such as Tata Sky, Sky, Fox and X1 would accrue to its portfolio giving the company a collective customer relationship of 53 million. Additionally, OTT platforms such as Hotstar, Hulu, NowTV,and Fox Plus would help give it more content and revenue leverage.

    Roberts has urged the Murdochs to make haste as its merger proposal with Disney is coming up for shareholder vote on 10 July. And he has pointed that  “there should not be any meaningful difference in the timing of the U.S. antitrust review between a Comcast and Disney transaction.”

    Comcast CFO Michael Cavanagh told investment analysts that the media gianthad enough financial muscle on its balance sheet to be able to finance and see through the transaction quickly- within 12 months of signing. He pointed out that he expected cost synergies of $2billion to be realised post merger, keeping in mind that Comcast will acquire 100 per cent of Sky, He explained  that he expected the deal to add to the proforma company’s free cash flow per share and earnings per share. Cavanagh expected the company’s debt to be at four times net debt EBIDTA in 2019.

    Roberts told investors that he was waiting for a revert from the Murdochs and the Fox board. He also stated that he has known them for a long time and that “there was disappointment when 21CF decided to enter into a transaction with The Walt Disney Company, even though we had offered a meaningfully higher price.”

    Meanwhile, late in the day, Fox acknowledged that it had received a new offer from Comcast and in keeping with its fidicuary duties the Fox board said it will carefully review it.

    It added that it hasn’t decided whetther it would postpone or adjourn the 10 July meeting to vote on the Disney proposal. 

    It’s over to the Murdochs and The Walt Disney Co. 

  • The Walt Disney South Asia promotes Amrita Pandey to lead media distribution & OTT

    The Walt Disney South Asia promotes Amrita Pandey to lead media distribution & OTT

    MUMBAI: The Walt Disney Company South Asia has elevated Amrita Pandey and appointed to the newly created role of regional head – media distribution and OTT, South Asia.

    Pandey adds management of the South East Asian (SEA) regional markets of Singapore, Malaysia, Indonesia, Thailand, the Philippines and Vietnam to her current purview of India.

    Responsible for driving all digital and OTT partnerships, content licensing and broadcast network distribution across the Indian subcontinent, and SEA, Pandey will report to The Walt Disney company EVP and MD Mahesh Samat and Walt Disney International media distribution senior VP Mark Endemaño.

    “Since joining Disney, Amrita has made a significant contribution to the business and was responsible for some of industry’s biggest theatrical releases in India. Her deep understanding of our brands and content portfolio, combined with her extensive experience in marketing and distribution, make her the ideal person to take our media business to the next level in this region,” said Samat.

    “As we continue to align our global media distribution strategies, Amrita will bring expertise from such a dynamic market as India to drive further growth across our wider South Asia business. I’m looking forward to working with her as we establish how to best work with partners, and deliver entertainment more directly to fans, throughout the region,” said Endemaño.

    Pandey joined Disney in 2012 and has held several leadership roles across studio distribution, marketing and local movie production in addition to leading the content syndication business.

    “Our media distribution team is focused on delivering world class content and experiences from Disney, Pixar, Star Wars and Marvel to consumer devices across the region. With a network of strong partnerships across platforms, I am excited to lead this transformative business to pursue digital connections everywhere,” said Pandey.

  • Disney taps Ricky Strauss as worldwide marketing chief

    Disney taps Ricky Strauss as worldwide marketing chief

    MUMBAI: Ending its search for a replacement in place of its outgoing marketing head MT Carney, Walt Disney Co has tapped Ricky Strauss, president of Participant Media, as its new head of worldwide marketing. 

    Carney, the controversial executive who joined Disney in April 2010 with no experience in the film industry, announced her resignation this week.

    With the move, Disney chief Rich Ross has selected a seasoned executive who has worked on The Help, the DreamWorks and Participant-produced drama that Disney distributed in 2011 with much success.

    Said Ross in a statement. “I am happy to welcome Ricky Strauss to the Walt Disney Studios family.With 25 years of industry experience, he brings a deep understanding of all aspects of the film business as well as incredible skill in branding and cutting-edge marketing. He will undoubtedly raise the studios’ creative bar as we enter 2012 and look ahead at showcasing a spectacular slate of films to audiences around the world.”

    Disney had been openly seeking a replacement for Carney for months. While some insiders in the industry speculated that Carney departed simply because she was tired of the open search for a replacement, others say that War Horse‘s disappointing performance upset director Steven Spielberg and that the timing of her departure was related to his displeasure.

    Disney faces big challenges in the coming months when it will release the sci-fi action adventure John Carter in March and later The Avengers based on the Marvel Comics.