CCI approves Jio Cinema OTT and Viacom18 Media amalgamation
In April 2022, Reliance Industries Ltd (RIL) and Viacom18 Media announced a strategic partnership with Bodhi Tree Systems.
The Competition Commission of India (CCI) has approved the amalgamation of Jio Cinema OTT with Viacom18 Media. In April 2022, Reliance Industries Ltd (RIL) and Viacom18 announced a strategic partnership with Bodhi Tree Systems (BTS), in which the Bodhi Tree will invest Rs 13,500 crore in Viacom18, whereas the Reliance Projects & Property Management Services will invest Rs 1,645 crore in the broadcaster.
As per the report by ET, Jio Cinema OTT content will be transferred to Viacom18 Media after the merger. CCI posted a tweet on Monday that reads, “Commission approves amalgamation of the Jio Cinema OTT platform with Viacom 18 Media, following an investment by BTS Investment and Reliance Projects & Property Management Services.”
Bodhi Tree Systems is an investment venture company of James Murdoch of Lupa Systems and Uday Shankar, ex-chairman of Star and Disney India. Reliance Projects & Property Management Services deals in IT support services in India, while Viacom18 Media provides entertainment services via TV channels and the OTT streaming app called Voot.
According to a report, Viacom18 Media will launch a new streaming platform in association with Paramount+ that will stream the upcoming Indian Premier League (IPL) in 2023.
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