’Beginning of new era’: Mukesh Ambani welcomes Disney at RIL AGM 2024, says, ’just like Jio in retail, our expanded...’

Reliance Industries (RIL) Chairman Mukesh Ambani welcomed Disney into the business family and highlighted this entrance as the beginning of a new era in India's entertainment industry, the executive said at the company's annual general meeting (AMG) on Thursday, August 29.

“This marks the beginning of a new era in India's entertainment industry. We are combining content creation with digital streaming,” said the Reliance Head in the AGM on Thursday.

Reliance Industries shares closed 1.51 per cent higher at ₹3,040.85 after Thursday's trading session, compared to ₹2,995.75 in the previous trading close. The shares fueled the domestic indices to reach new highs on Thursday.

Ambani also highlighted the company's digital-first approach to combine the qualities of content creation and digital streaming to provide consumers “unparalleled content at affordable prices.”

“Our digital-first approach will deliver unparalleled content at affordable prices,” said Ambani while addressing the shareholders in the meeting.

The merged entity aims to deliver the consumers with everything they are looking for, providing world-class digital entertainment to every user.

“We will cater to every consumer's taste. We will provide world-class digital entertainment across the spectrum,” said the Chairman.

Mukesh Ambani highlighted the $8.5 billion merger partnership with Disney and took the annual general meeting opportunity to welcome the global giant into the Reliance business family. The Chairman also referred to the new deal with Jio in the company's retail business. Though the new media giant, the brand aims to expand the media business to make it an invaluable growth driver for the conglomerate's ecosystem.

“We are excited about this partnership. I warmly welcome Disney to the Reliance family. Just like Jio in retail, our expanded media business will be an invaluable growth centre in the Reliance ecosystem,” Ambani told the company's shareholders.

India's antitrust regulator, the Competition Commission of India (CCI), approved the $8.5 billion merger deal with the proposed merger between Disney Star, the local unit of The Walt Disney Company, on Wednesday, August 28. The approval of this merger will pave the way for the biggest deal in the entertainment and media sector. 

“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,” said the Competition Commission of India (CCI) in a social media post on platform X on Wednesday.