D and P Advisory’s Post

Reliance's merger of Viacom18 Media Private Limited with Disney+ Hotstar. Here are the key points you shouldn't miss: ➡ Disney's Share Devaluation: 1. Disney+ Hotstar, valued at $7-10 billion in 2019, sees Disney's share in the merged entity only at $3 billion. That is 4 to 7 billion dollars less than what it was earlier. 2. Disney+ Hotstar is much bigger than JioCinema, as it was a leader with a 38% viewership market share in the OTT space until 2023. ➡Background of Viacom18 Media Private Limited and Disney+ Hotstar: 1. Viacom18 Media Private Limited integrated into Reliance after a majority stake acquisition in 2018. 2. Disney+ Hotstar emerged from the 21st Century Fox acquisition, establishing a strong position in the Indian OTT market. ➡Hotstar's Initial Success and the Role of Cricket: 1. Hotstar's success is attributed to exclusive broadcast rights for major cricket tournaments, including IPL. 2. Mukesh Ambani's entry into the media industry led to the pivotal shift with JioCinema acquiring IPL digital rights for 2023-2027. ➡ JioCinema's Disruptive Strategy: 1. Jio Cinema's aggressive bidding for IPL digital rights and offering free broadcasts led to a surge in downloads, drawing users away from Hotstar. 2. Viacom18's acquisition of Indian cricket team media rights further weakened Hotstar. ➡Disney's Global Struggles: 1. Disney's global operations faced financial challenges, with losses exceeding $11 billion by mid-2022. 2. Disney+ experienced subscriber losses in the US and Canada due to increased membership rates. ➡Disney's Decision to Merge: 1. Facing financial challenges and subscriber losses, Disney opted to merge with Reliance's media entities. 2. Reliance (RIL) holds a 16% stake, Viacom18 (owned by Reliance) has a 47% stake, and Disney retains a 37% stake in the merged entity. 3. The chairman will be Neeta Ambani - so it is essentially Reliance that is in control. ➡The Merger and Market Dominance: 1. Reliance's merger of Viacom 18 with Disney Hotstar creates a market giant worth $8.5 billion. 2. The merged company will dominate the market with over 40% viewership share, surpassing competitors like Sun TV Network, Sony, and Zee. 3. They will now boast 120 TV channels, two OTT platforms (Hotstar and JioCinema), and approximately 750 million viewers in India. ➡Financial Impact: 1. Projected revenue for the merged entity is Rs. 25,000 Crores, 25% higher than the combined revenue of the top three competitors. 2. Reliance's additional investment of $1.5 billion aims to fuel growth. Reliance joining Viacom18 and Disney Hotstar is a big deal for India's media. Just like they did with Jio in phones, Reliance is making a big impact again by teaming up with others. Hope this is helpful for you then feel free to follow Naresh Purohit 🇮🇳 for more insightful content. 😀 😊 LinkedIn Guide to Creating Guide to Networking for LinkedIn #reliance #disneyplushotstar #merger #india #ipl

This is how Jio BEAT Disney and became the top player in the Indian OTT market!! On February 28, 2024, Disney+Hotstar joined forces with Mukesh Ambani, marking the BIGGEST merger in India's streaming market history. This move made Mukesh Ambani the dominant figure in the Indian OTT landscape, with a 35% ownership stake, 120 TV channels, and 30,000 content assets from Disney. Together, this new entity is expected to reach 750 million viewers!! Remarkably, Reliance now controls 63.16% of the merged entity, leaving Disney with only 36.84%. ––This is surprising considering that just a year ago, in November 2021, Disney+Hotstar led the Indian OTT market with 51 million views, surpassing competitors like Amazon Prime and Netflix!! So, how did Reliance overtake Disney as the leader in the Indian media space and what lessons can we draw from this monumental case study? 1. Reliance Jio had a financial advantage: Jio, unlike Disney, was profitable. This allowed Jio to invest heavily to acquire rights and make strategic decisions without worrying about losses. 2. Jio acquired the IPL rights: The Indian Premier League (IPL) is a very popular cricket league in India. Jio was able to win the digital streaming rights for IPL, whereas Disney only retained the television rights. This was a major blow to Disney+ Hotstar's viewership, since cricket is a major draw for Indian audiences. 3. Jio offered IPL for free: Jio made the IPL free to stream on their platform, further increasing their user base. 4. Strategic partnerships: Jio cinema has a partnership with all 3 major telecom operators in India (Jio + Airtel + Vodafone), which increased Jio's accessibility to a wider audience. 5. Content library: Jio benefitted from the merger with Disney+ Hotstar, gaining access to Disney's vast content library. 6. Monopoly on advertising: With the combined reach of Jio and Disney+ Hotstar, Jio gained a near monopoly on advertising in the Indian OTT space, allowing them to potentially increase advertising rates! The lessons learned from this business battle are: ✅Build a strong barrier to entry: Make it difficult for competitors to replicate your business model. Jio was able to acquire the digital and TV rights to IPL, making it difficult for competitors to compete. Customers who want to watch IPL would have to go through Jio. ✅Build an ecosystem: Create a network of products and services that complement each other. Jio created a powerful ecosystem by combining Jio Telecom with Jio media services. This gives them more control over data and channels for advertising. #India #Mukeshambani #BusinessStrategy

Hi Ganeshprasad, I have rewrite your post. Just read it below and let me know your thoughts. 👇🏻 This is how Jio BEAT Disney and became the top player in the Indian OTT market!! On Feb 28, 2024 - Disney+Hotstar merged with Mukesh Ambani marking the BIGGEST merger in India's streaming market history. This move made Mukesh Ambani the dominant figure in the Indian OTT landscape ➠ with a 35% ownership stake ➠ 120 TV channels ➠ 30,000 content assets from Disney. Together, this new entity is expected to reach 750 million viewers!! Remarkably, Reliance now controls 63.16% of the merged entity, leaving Disney with only 36.84%. This is surprising considering that just a year ago, in November 2021, Disney+Hotstar led the Indian OTT market with 51 million views surpassing competitors like Amazon Prime and Netflix!! So, how did Reliance overtake Disney as the leader in the Indian OTT space And what lessons can we take from this monumental case study? 1- Reliance Jio had a financial advantage. Jio, unlike Disney, was profitable. This allowed Jio to invest heavily to acquire rights and make strategic decisions without worrying about losses. 2/ Jio acquired the IPL rights. The IPL is a very popular cricket league in India. Jio was able to win the digital streaming rights for IPL whereas Disney only retained the television rights. Disney+ Hotstar's viewership suffered greatly as a result as Indian audiences are big fans of cricket. 3/ Jio offered IPL for free. Jio made the IPL free to stream on their platform, further increasing their user base. 4— Strategic partnerships. Jio cinema has a partnership with all 3 major telecom operators in India (Jio + Airtel + Vodafone), which increased Jio's accessibility to a wider audience. 5. Content library. Jio benefitted from the merger with Disney+ Hotstar, gaining access to Disney's vast content library. 6. Monopoly on advertising. With the combined reach of Jio and Disney+ Hotstar, Jio gained a near monopoly on advertising in the Indian OTT space allowing them to potentially increase advertising rates! The lessons learned from this business battle are: 1) ⏩ Build a strong barrier to entry. Make it difficult for competitors to replicate your business model. Jio was able to acquire the digital and TV rights to IPL, making it difficult for competitors to compete. Customers who want to watch IPL would have to go through Jio. 2) ⏩ Build an ecosystem. Create a network of products and services that complement each other. Jio created a powerful ecosystem by combining Jio Telecom with Jio media services. This gives them more control over data and channels for advertising. ... #Contentimprovement

Ganeshprasad S, Wow, what a fascinating case study! The rise of Jio and its takeover of Disney in the Indian OTT market is truly remarkable. It's evident that Jio's financial advantage, coupled with their strategic decisions, played a significant role in their success. Acquiring the IPL rights was a masterstroke, as cricket is undeniably a major draw for Indian audiences. And offering IPL for free on their platform further cemented Jio's position and expanded their user base. Additionally, Jio's strategic partnerships with all three major telecom operators in India greatly increased their accessibility to a wider audience. The merger with Disney+ Hotstar also provided Jio with access to an extensive content library, giving them an even stronger foothold in the market. And let's not forget about the near monopoly on advertising that Jio gained with the combined reach of Jio and Disney+ Hotstar. This opens up exciting possibilities for increasing advertising rates.

🚀 Excited to share insights on crafting a winning pricing strategy for the Jio Cinema + Disney+ Hotstar joint venture! Here's how a no-charge model could revolutionize the digital entertainment landscape: 🔍 𝐔𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 📊 𝐃𝐞𝐦𝐨𝐠𝐫𝐚𝐩𝐡𝐢𝐜𝐬: Targeting a young and tech-savvy audience in India. 💰 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐢𝐧𝐠 𝐏𝐨𝐰𝐞𝐫:Lowering barriers to entry in a market with rising but still relatively low per capita income. 💡 𝐄𝐱𝐢𝐬𝐭𝐢𝐧𝐠 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐢𝐞𝐬:Disrupting the market with a free digital content offering. 🌟 𝐕𝐚𝐥𝐮𝐞 𝐏𝐫𝐨𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 📺 𝐂𝐨𝐧𝐭𝐞𝐧𝐭 𝐋𝐢𝐛𝐫𝐚𝐫𝐲: Offering a vast library from Disney+ Hotstar and regional content from Jio Cinema. 🛋️ 𝐔𝐬𝐞𝐫 𝐄𝐱𝐩𝐞𝐫𝐢𝐞𝐧𝐜𝐞: Enhancing engagement with a seamless, ad-supported viewing experience. 🎯 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐎𝐛𝐣𝐞𝐜𝐭𝐢𝐯𝐞𝐬 🚀 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐞𝐧𝐞𝐭𝐫𝐚𝐭𝐢𝐨𝐧: Rapidly expanding the user base by eliminating subscription fees. 💼 𝐌𝐨𝐧𝐞𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬: Exploring revenue streams like advertising and partnerships. 💲 𝐏𝐫𝐢𝐜𝐢𝐧𝐠 𝐌𝐨𝐝𝐞𝐥 🔓 𝐅𝐫𝐞𝐞𝐦𝐢𝐮𝐦 𝐌𝐨𝐝𝐞𝐥: Providing a basic, ad-supported version for free, with premium upgrades. 🎟️ 𝐓𝐢𝐞𝐫𝐞𝐝 𝐏𝐫𝐢𝐜𝐢𝐧𝐠: Introducing tiers for different content access and features. 🔍 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 🔄 𝐃𝐢𝐟𝐟𝐞𝐫𝐞𝐧𝐭𝐢𝐚𝐭𝐢𝐨𝐧: Standing out with a no-charge model in a competitive market. 📈 𝐔𝐬𝐞𝐫 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧: Learning from competitors' strategies for effective user acquisition. 💡 𝐌𝐨𝐧𝐞𝐭𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 📺 𝐀𝐝𝐯𝐞𝐫𝐭𝐢𝐬𝐢𝐧𝐠: Generating revenue through targeted ads while keeping the service free. 🤝 𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬: Creating additional revenue streams through collaborations. 🔄 𝐅𝐥𝐞𝐱𝐢𝐛𝐢𝐥𝐢𝐭𝐲 𝐚𝐧𝐝 𝐀𝐝𝐚𝐩𝐭𝐚𝐛𝐢𝐥𝐢𝐭𝐲 📊 𝐃𝐚𝐭𝐚-𝐃𝐫𝐢𝐯𝐞𝐧 𝐀𝐩𝐩𝐫𝐨𝐚𝐜𝐡: Adjusting the pricing strategy based on user behavior and market trends. 🔄 𝐅𝐞𝐞𝐝𝐛𝐚𝐜𝐤 𝐋𝐨𝐨𝐩: Aligning changes with user preferences and expectations 🔊 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧 𝐒𝐭𝐫𝐚𝐭𝐞𝐠𝐲 📣 𝐓𝐫𝐚𝐧𝐬𝐩𝐚𝐫𝐞𝐧𝐜𝐲: Communicating the value of the no-charge model for user acquisition and retention. 🔄 𝐁𝐫𝐚𝐧𝐝 𝐀𝐥𝐢𝐠𝐧𝐦𝐞𝐧𝐭: Reinforcing credibility and trust with aligned messaging. 🚀 𝐂𝐨𝐧𝐜𝐥𝐮𝐬𝐢𝐨𝐧 🌟 𝐍𝐨-𝐂𝐡𝐚𝐫𝐠𝐞 𝐌𝐨𝐝𝐞𝐥: A compelling strategy for the joint venture to lead in digital entertainment, focusing on user engagement and strategic monetization. 📝 For deeper insights into the same, check out my Medium article here. https://lnkd.in/ggQDv6-E Excited to hear your thoughts and insights on this approach! #DigitalEntertainment #PricingStrategy #JioCinema #DisneyPlusHotstar

𝗛𝗼𝘁𝘀𝘁𝗮𝗿 𝙤𝙧 𝙅𝙞𝙤 𝘾𝙞𝙣𝙚𝙢𝙖? ✔️Well soon maybe it could become the same? or only Jio Cinema and sunset for Hotstar? How and why let's see ✔️Reliance Industries Ltd. (RIL), which will control the Star- Viacom18 merged entity after the regulatory checks are complete, could merge Disney+ Hotstar and keep only JioCinema as the OTT app. 𝙊𝙫𝙚𝙧𝙫𝙞𝙚𝙬: ✔️Disney+ Hotstar is Walt Disney-owned Star India’s streaming service, while JioCinema is owned by Viacom 18. ✔️As per Google Play Store data, Disney+ Hotstar has had over 500 million downloads while JioCinema has over 100 million downloads. ✔️The combined catalogue of Disney+ Hotstar and JioCinema, with its repository of entertainment, sports, and Hollywood content, will comprise over 125,000 hours. It will also have cricket rights, including the Indian Premier League (IPL), as well as content from Disney, HBO, NBCUniversal and Paramount Global. ✔️RIL’s annual report, JioCinema was revealed to have had an average monthly reach of 225 million users. In the fourth quarter of 2023, Disney+ Hotstar had 333 million monthly active users, as per Sensor Tower, said the report. 𝙃𝙤𝙬? ➡️In February, RIL and Walt Disney signed an agreement to combine Star and Viacom18 to create an $8.5 billion media giant which would include over 100 channels. ➡️The companies are awaiting Competition Commission of India (CCI) and National Company Law Tribunals (NCLT) approvals. 𝙒𝙝𝙮? 📝 The report cites a source as saying that having a single OTT platform will help in reducing costs and building a one-stop destination to compete with YouTube in the advertising video on demand (AVOD) segment and Netflix and Prime Video in the subscription VOD segment. 𝙈𝙮 𝙩𝙖𝙠𝙚: ✅ This merger would result in creating a significant player in the market having a major share in the OTT industry. ✅ Netflix, Prime,Sony etc would have to ensure they are being competitive as they might face the effect of synergy due to the merger in the competition. ✅ Cricket and sports would be totally under their control with almost all games being telecasted in it resulting in monopoly. ✅ Approvals for such a merger would result in some challenges from CCI as it is being a strong player and a monopoly in a few sectors. ✅ Both OTT platforms are being used by many users. Now the choice is being restricted to one. Disney hotstar used to have great application systems along with various contents from Jio Cinema would create a better experience but also maybe a disadvantage if people don't get the previous experience they used to have. ✅ Combining the platforms would also require analysis of user base and preferences which would help to make the new app better. Which app do you like the most? Do share your thoughts on the same!!! Pic credit: Gadgets 360.

Reliance’s Jio Cinema and Disney+ Hotstar’s Mega Merger is set to shape India's OTT Landscape 🌐🔀 Here’s what you need to know if you’re an advertiser, marketer or the consumer - Breaking Down the Deal: Reliance's Strategic Move 🤝 In a groundbreaking development, Reliance, under the billionaire Mukesh Ambani, has inked a non-binding agreement with The Walt Disney Company, setting the stage for a potential mega-merger. Jio Cinema and Disney+ Hotstar, both pivotal players in India's OTT space, are slated to converge into a single powerhouse. 🗓️ Expected Merger Date: February 2024 | Stakes Revealed: 51-49 🔄 The Reliance-Disney merger is slated for finalization in February 2024, with a stake distribution of 51% for Reliance and 49% for Disney. This collaborative venture is poised to become India's most significant entertainment merger to date, with $1.5 billion earmarked for the merger. The Game-Changing Jio Cinema-Disney+ Hotstar OTT Experience 🚀📺 1. Unrivaled Sports Streaming Dominance 🏏⚽ Jio Cinema and Disney+ Hotstar have been fierce rivals in bidding for IPL and international cricket rights. The merger could end this rivalry, offering viewers a consolidated and comprehensive sports streaming platform. Disney Star India may retain television cricket rights, while the merged Jio-Disney platform could secure exclusive OTT rights. 2. India's OTT Powerhouse: Cricket, Football, HBO, and WB Content 🎉🎥 The merger heralds the creation of India's largest OTT platform, wielding the streaming rights for cricket, football, and exclusive HBO and WB content. A one-stop entertainment hub for diverse content. 3. Hotstar's Redemption: Bouncing Back from Losses 🔄💰 The merger aims to lift Hotstar from recent losses, leveraging the combined strengths of Jio Cinema and Disney+. With enriched content offerings, the platform seeks to regain its lost ground in the fiercely competitive OTT landscape. 🧐Unraveling the Impact🔄👋 The news of Reliance-Disney's impending merger has triggered a mass exodus of users from Hotstar. Struggling post the loss of IPL rights and HBO deals, this strategic move could mark a turning point for Hotstar. As the OTT landscape witnesses a paradigm shift, the Jio Cinema-Disney+ Hotstar merger promises an unparalleled entertainment experience, blending sports, movies, and exclusive content under one digital roof. Stay tuned for the evolution of India's OTT giant! 🚀🇮🇳 #jiohotstar #merger #ott #advertising #disneyplus

The saga of a mega-merger..... Reliance Industries Limited, Viacom18 Media Private Limited , and Disney+ Hotstar merged their television and digital streaming businesses to create a $8.5 billion entertainment colossus. A few implications:- Segmentation Strategy: Segmented targeting is pivotal for success in the streaming business. Both Netflix and Disney+ Hotstar struggled to target the right segments in India.Reliance-Disney (RelDis) is poised to differentiate its offerings, where it is likely to position Disney+ Hotstar as a premium choice for affluent consumers while promoting JioCinema as a mass-market option. Distribution Efficiency: #distribution beats #content in the Indian entertainment landscape. Leveraging its ownership of telecom networks, home fiber infrastructure, and cloud services, Jio ensures streamlined distribution and cost efficiencies. Its cloud solutions reduce storage and streaming expenses, while its robust telecom and fiber networks facilitate seamless bundling and distribution to consumers. Advertising Revenue: With a substantial share of India's advertising market, particularly in television and streaming segments, the Reliance-Disney entity secures lucrative cricketing rights, enabling superior ad inventory monetization. This dominance allows the JV to wield considerable influence and set industry standards. Cricket Broadcast Rights: Bidding wars for broadcast rights made cricket a lucrative, hotly contested business. Now, with the Sony-Zee merger falling through, only one entity is going to decide how much IPL’s broadcasting rights are worth. Expect Board of Control for Cricket in India (BCCI)’s revenues to hit a wall as the effective monopoly dictates terms. In essence, the Reliance-Disney collaboration reshapes the entertainment landscape, capitalizing on segmentation strategies, distribution efficiencies, and advertising dominance, while fundamentally altering the dynamics of cricket broadcasting rights. #entertainment #media #ott #streaming #salesforce #mediacloud

Mukesh Ambani is set to merge JioCinema into Disney+ Hotstar! After completing the 56% stake acquisition of Disney Star for 71445 Crore, the Reliance board and Viacom18 Media Private Limited now decided to merge both JioCinema and Disney+Hotstar into one entity. In the near past, JioCinema has grown into a bigger giant with 22.5 Crore monthly active users, and 1.6 Crore paid customers. It has become the fastest-growing subscription-based OTT platform! Viacom18 has also acquired OTT platforms like Voot, Voot Select, and Voot Kids into one single platform - JioCinema. Now, the combined entity will be a media giant with over 120 channels and 2 major streaming services. Viacom18 will transfer all of its TV and streaming assets to Star India. Star India will be the operating company of the merged entity. With Nita Ambani as the chairperson, Reliance will control a 56% stake, The Walt Disney Company will have a 37% stake, and Uday Shankar, and BODHI TREE SYSTEMS PRIVATE LIMITED will hold 7%. At first, though the board wanted to make JioCinema one sole entity or keep two separate platforms - one for sports and one for entertainment. But in the end, they chose Disney+Hotstar because, 1. Disney+Hotstar has over 50 Crore downloads on Google Play Store. 2. It has better tech infrastructure than JioCinema. 3. It has 33.3 Crore monthly active users and 3.55 Crore paid subscribers. This decision has already received approval from the Competition Commission Of India, the National Company Law Tribunal, and the Ministry of Information and Broadcasting. This merger will be all set from January 2025. Though there are claims against the monopoly as Ambani may take the advertising rates to the highest in the industry, he assured it’ll be not the case. But reality isn't the same! The merged entity will have IPL, ICC tournaments, BCCI tournaments, premier league, Disney, HBO, NBC Universal, Paramount Global and everything. You name it! The entity will control 40% of India’s streaming and TV advertising market which is dangerous. P.S.- You’ll surely see IPL on Disney+Hotstar next year where it may not be free again!😅 Do you think it is a masterstroke of Mukesh Ambani? Will it be a healthy or unhealthy in the long term? Follow #debcreates and Debonkar Roy now for more case studies on India, brands & CEOs! #india #business #strategy #advertising #brand

RIL, Disney to merge media biz in India to create $8.5 billion joint venture After six months of negotiations, Reliance Industries Ltd. and The Walt Disney Company have finally announced the signing of binding definitive agreements to form a joint venture that will combine the businesses of Viacom18 and Star India. The merged entity will be the largest media network in the country, with over 750 million viewers across India and a combined revenue of over ₹25,000 crore As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Ltd. In addition, RIL has agreed to invest at closing ₹11,500 crore ($1.4 billion) into the JV for its growth strategy. The transaction values the JV at ₹70,352 crore ($8.5 billion) on a post-money basis. The JV will be controlled by RIL, which will own 16.34 per cent stake directly in addition to 46.82 per cent through Viacom18. The balance of 36.84 per cent will be held by Disney. Disney may also contribute certain additional media assets to the JV, subject to regulatory and third-party approvals. Double blow This is in line with Disney’s earlier inclination to deprioritise its interests in India. After struggling to achieve profitability in its streaming business globally, Disney singled out its streaming service in India in particular. Disney Hotstar ironically lost droves of subscribers after RIL backed Viacom18, wielding a double blow on the service by outbidding Disney for the streaming rights for the Indian Premier League as well as securing a deal with HBO for their coveted content slate. Even before Mukesh Ambani made a concerted bid in the streaming business, Disney Hotstar was struggling with monetising its subscriber base, even though it was the largest streaming service in India. “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 live streaming services while delivering an innovative and convenient digital entertainment experience at affordable prices,” said a press note. Nita Ambani will be the Chairperson of the JV, with Uday Shankar as Vice Chairperson, providing strategic guidance to the JV. 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. 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.