The $8.5 billion combination of Disney (DIS.N) and Reliance Industries (RELI.NS) has been allowed by an Indian business tribunal. Reliance stated on Friday that Indian media assets open a new tab.
The Competition Commission of India (CCI) approved the agreement earlier this week after the businesses allayed regulatory concerns over their control over cricket broadcasting rights.
Without providing any further information, the competition authority had stated that the agreement, which will establish the largest entertainment player in the nation, was being allowed subject to voluntary revisions provided by the firms. It has not yet been given a specific order.
According to a source familiar with the situation who spoke to Reuters, the two businesses made concessions to get the merger approved, including a promise to sell seven or eight non-sports TV channels and to refrain from raising advertising fees for streaming cricket events.
The transaction was praised by billionaire chairman Mukesh Ambani, who stated, “our expanded Media business will be an invaluable growth center in the Reliance ecosystem,” on Thursday at Reliance’s annual shareholders meeting.
