Reliance Industries Limited (RIL), Viacom18 Media (Viacom18), and The Walt Disney Company announced on Thursday that they have completed the merger of Viacom18's media and JioCinema businesses into Star India (SIPL), creating a mega joint venture valued at Rs 70,352 crore. The new entity will be guided by three chief executive officers (CEOs), "who will lead the company into a new era of ambition and disruption", according to a joint statement. Kevin Vaz will lead the entertainment division across all platforms, Kiran Mani will head the combined digital division, and Sanjog Gupta will oversee the sports operations.
According to back of envelope calculations, the value of shares released in the past two weeks worked out to be Rs 262 crore (Rs 2.62 billion).
RIL has also appointed McKinsey senior advisor Adil Zainulbhai as independent director and Network 18 Media & Investments (NW18) former promoter Raghav Bhel as a non-executive director on the NW18 Board.
Hails country's recent digital highways and predicted India to become digital content capital of world.
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the Sensex lost 23 points to close at 28,185 levels and the Nifty shed 7 points to end at 8,515 mark.
RIL says Sebi has not asked for revision of offer price, expecting clearance soon.
By buying The Washington Post in his personal capacity, the Amazon founder and internet pioneer may just be looking to save an American institution.
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