Reliance Industries and Reliance-related shares roared at Dalal Street on Thursday. This came to pass after the Competition Commission of India greenlighted the merger between one of the biggest corporation’s media wings and the American giant, Walt Disney’s Indian operations, which includes the streaming popular service Disney+Hotsar.
This deal is said to be worth USD 8.5 billion or Rs 70,350 crore.
C-2024/05/1155 Commission approves 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. pic.twitter.com/S2JVzw2VgR
— CCI (@CCI_India) August 28, 2024Meta Shares Drop Amid Mark Zuckerberg’s Comments Over ‘Censorship’
This colossal deal will result in the formation of one of the biggest media companies in the world, controlling a major chunk of the market.
The regulator took to X to share this information. In the post, the Competition Commission Of India said, “C-2024/05/1155 Commission approves 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.”
S&P 500, Nasdaq Soar High On Wall Street Along With Amazon, Nvidia, & Meta
The shares of the marquee enterprise, Reliance Industries Ltd’s shares, jumped by 1.78 per cent or Rs 53.35, crossing the landmark Rs 3,000 mark. The shares of the company jumped to Rs 3,049.95 per share.
The shares of another enterprise owned by Reliance, Network18 Media & Investments Ltd., rose by 4.54 per cent or Rs 4.37, jumping to Rs 100.56 per share.
Is AI Boom Over? Nvidia Shares Down Despite Increasing Revenue In Q2 Earnings
The shares of TV18 Broadcast Ltd made the biggest gains amongst the company associated with the merger. The company shares rose by a mammoth 7.51 per cent or Rs 3.60. This took the company shares to Rs 51.51.
These developments came to pass as the RIL chairman, Mukesh Ambani, took stage to address the company’s Annual General Meeting in Mumbai. This is the 47th AGM for one of the largest conglomerates in the country.
