Under the partnership, Reliance’s popular Jio Cinema OTT app will be transferred to Viacom18.
Fair-trade regulator Competition Commission of India (CCI) on Monday approved the proposed merger of Jio Cinema OTT with Viacom18 Media.
In a tweet on Monday the CCI said it has approved amalgamation of the Jio Cinema OTT platform with Viacom18 Media, following an investment by BTS Investment and Reliance Projects & Property Management Services.
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In April, Reliance Industries Ltd (RIL) and Viacom18 announced a strategic partnership with Bodhi Tree Systems, where Bodhi Tree will invest Rs 13,500 crore in Viacom18 while Reliance Projects & Property Management Services, a wholly-owned subsidiary of RIL, will invest Rs 1,645 crore in the broadcaster as part of the tripartite partnership, to form one of the largest TV and digital streaming firms in India.
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Under the partnership, Reliance’s popular Jio Cinema OTT app will be transferred to Viacom18.
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Bodhi Tree Systems (BTS) is an investment venture firm of James Murdoch’s Lupa Systems and ex-chairman of Star and Disney India Uday Shankar.
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Reliance Projects & Property Management Services is engaged in IT support services. Viacom18 Media is engaged in providing media and entertainment services through its portfolio of channels and streaming app ‘Voot’.
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Deals beyond a certain threshold require approval from the regulator, which keeps a tab on unfair business practices in the marketplace.
Earlier, Reliance and Viacom18 had announced a strategic partnership with Bodhi Tree Systems — a platform of James Murdoch’s Lupa Systems and Uday Shankar — to form one of the largest TV and digital streaming companies in India in April this year.
Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India’s leading entertainment platform and pioneer the Indian media landscape’s transformation to a “streaming-first” approach.
Viacom18 is amongst the leading players in the core linear television business with 38 channels across nine languages and a pan-India presence.
Reliance Projects and Property Management Services, a wholly-owned subsidiary of Reliance Industries which has significant presence in television, OTT, distribution, content creation, and production services, will invest Rs 1,645 crore.
Source : Business Standard
