Jio Cinema’s OTT merger with Viacom18: The merger of Jio Cinema OTT and Viacom18 Media received approval from fair-trade regulator Competition Commission of India (CCI). The CCI announced in a tweet on Monday that, following investments from BTS Investment and Reliance Projects & Property Management Services, it has approved the merger of the Jio Cinema OTT platform with Viacom18 Media.
Jio Cinema’s OTT merger with Viacom18: Key Points
- Reliance Industries Ltd. (RIL) and Viacom18 announced a strategic partnership with Bodhi Tree Systems in April.
- Bodhi Tree to invest Rs 13,500 crore in Viacom18, and Reliance Projects & Property Management Services, a wholly-owned subsidiary of RIL, will invest Rs 1,645 crore in the broadcaster as part of the tripartite partnership, creating one of the largest TV and digital streaming firms in India.
- Reliance’s well-liked Jio Cinema OTT app will be moved to Viacom18 as part of the cooperation.
- IT support services are provided by Reliance Projects & Property Management Services. Through its roster of channels and streaming service “Voot,” Viacom18 Media engages in the business of offering media and entertainment services.
- Deals beyond a specific threshold need regulator permission, which maintains an eye on unethical commercial activities in the marketplace.
What is Bodhi Tree Systems?
Bodhi Tree Systems is a joint venture between Uday Shankar, the former chairman of Star and Disney India, and James Murdoch’s Lupa Systems.
Important Takeaways for All Competitive Exams:
- Reliance CEO: Anand Jain
- Reliance Chairman: Mukesh Ambani
- Jio CEO: Atul Kabsal
- Jio Chairman: Akash Ambani