BENGALURU (Reuters) -An Indian company tribunal has approved the $8.5 billion merger of Reliance Industries and Disney’s Indian media assets, Reliance said on Friday.
Earlier this week, the companies had won approval from the Competition Commission of India (CCI) for the deal, after assuaging regulatory worries about their grip on broadcasting rights for cricket.
The competition regulator had said the deal, which will create the country’s biggest entertainment player, was being approved subject to modifications submitted voluntarily by the companies, without sharing further details. A detailed order is yet to be issued.
To get the merger over the line, the two companies have offered concessions, including a commitment to not raise advertising rates unreasonably for streamed cricket matches, and to sell 7-8 non-sports TV channels, a source familiar with the matter had told Reuters.
On Thursday, at Reliance’s annual shareholders meeting, billionaire-chairman Mukesh Ambani had welcomed the merger and said, “our expanded Media business will be an invaluable growth centre in the Reliance ecosystem”.
(Reporting by Indranil Sarkar and Manvi Pant in Bengaluru; Editing by Krishna Chandra Eluri)
