JioMusic, Saavn to merge, Reliance Industries to invest $100 million more

RIL has picked up partial stake from current shareholders for $104 million and will be investing another $100 million for the growth of the combined Jiomusic-Saavn

Reliance Industries (RIL) on Friday signed definitive agreements for combining online music streaming platform Saavn with JioMusic. The combined entity is valued at over $1 billion, with JioMusic’s implied valuation at $670 million.
 
The integrated business will be developed into a media platform with global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums, according to a statement.
 
RIL will be acquiring a partial stake from the existing shareholders of Saavn for $104 million. The shareholder base of Saavn includes Tiger Global Management, Liberty Media, and Bertelsmann, among others.