TV18, Network18 Shares Soar on Merger Approval

New Delhi, Aug 29 (PTI) Shares of TV18 Broadcast and Network18 Media & Investments surged on Thursday a day after the Competition Commission of India approved the merger of media assets of Reliance Industries and The Walt Disney Co to create the country's largest media empire worth over Rs 70,000 crore.

The stock of TV18 jumped 7.66 per cent to Rs 51.61 apiece on the BSE. During the day, it zoomed 13.18 per cent to Rs 54.26.

Shares of Network18 climbed 3.42 per cent to Rs 99.51 per piece. Intra-day, it soared 10.17 per cent to Rs 106.01.

The deal, announced six months ago, faced scrutiny by the anti-trust regulator and the approval has come after the parties proposed certain modifications to the original transaction structure.

In a post on X on Wednesday, the regulator said it has cleared the "proposed combination involving Reliance Industries Limited, Viacom18 Media Private Limited, Digital18 Media Limited, Star India Private Limited and Star Television Productions Limited, subject to the compliance of voluntary modifications".

Viacom18 is part of the RIL group, and SIPL is wholly-owned by The Walt Disney Company. STPL, a company incorporated in the British Virgin Islands, is owned indirectly by The Walt Disney.

Under the deal, Mukesh Ambani-led Reliance Industries Ltd (RIL) and its affiliates will hold a 63.16 per cent of the combined entity that will house two streaming services and 120 television channels.

The Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house.

Media ventures of Reliance are currently housed in Network18, which owns TV18 news channels as well as a plethora of entertainment (under the 'Colors' brand) and sports channels. NW18 also has stakes in moneycontrol.com, and bookmyshow and publishes magazines.

Its subsidiary NW18 owns the news channels CNBC/CNNNews.