 "Viacom18")
Nita Ambani, chairperson of Reliance Foundation, and Akash Ambani, chairman of Reliance Jio Infocomm, have joined the board of Viacom18, which is co-owned by Reliance Industries (RIL) and Bodhi Tree Systems, according to a report by The Economic Times.
This development comes as Viacom18 nears the final phase of its merger with Walt Disney’s Star India. The reconstitution of the board is a key step in integrating these two media companies.
Joining the Ambanis on the Viacom18 board are James Murdoch, co-founder of Bodhi Tree Systems, and Mohammed Ahmed Al-Hardan, who heads technology, media, and telecom at the Qatar Investment Authority (QIA), a major investor in Bodhi Tree. The business daily stated that Al-Hardan has joined the board as a representative of Bodhi Tree.
Additionally, Jyoti Deshpande, president of media and content business at RIL, and Shuva Mandal, partner at Anagram Partners, have also been appointed to the board.
As of March 31, Viacom18 had six directors: Adil Zainulbhai, Uday Shankar, Madhusudana Sivaprasad Panda, Rahul Joshi, Alexander J Berkett, and Priyanka Chaudhary. With Paramount Global having sold its 13 per cent stake in Viacom18 to RIL for Rs 4,286 crore, Berkett is expected to step down from the board. Star India had four directors: Atul Agarwal, Rishi Kanwarjeet Gaind, Gaurav Banerjee, and Gurjeev Singh Kapoor. Banerjee is now leading Sony Pictures Networks India as managing director and chief executive officer.
Upon completion of the merger, a new board will be formed, featuring representatives from both Star and Viacom18. The combined Star-Viacom18 board is expected to include 10 members, with RIL nominating six, Walt Disney nominating three, and Bodhi Tree nominating one, the report said, citing sources.
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Viacom18 has already begun the formal process of transferring its TV channel licences to Star India by submitting an application to the Ministry of Information and Broadcasting (MIB), with approval anticipated soon.
Star-Viacom18 merger deal
According to the merger scheme approved by the National Company Law Tribunal (NCLT), Viacom18 will first transfer its assets to its wholly-owned subsidiary, Digital18. Digital18 will then transfer those assets to Star India in exchange for shares, effectively merging both companies under a single structure.
The merger, which is set to reshape India’s media industry, has already received conditional approval from the Competition Commission of India (CCI), contingent upon meeting certain conditions.
However, the full execution of the merger will only take place once the boards of both Star India and Viacom18 agree upon and finalise an official effective date.
The merger is poised to create a media giant worth $8.5 billion, with significant reach across television and digital platforms. It is expected to generate synergies in content, manpower, technology, and revenue.
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