The merger scheme has two stages: the transfer of Viacom18 s TV and streaming assets to Digital18 and the demerger and vesting of these assets from Digital18 to Star India. As consideration for the scheme, Viacom18 will transfer streaming platform JioCinema to Digital18, which will pay the company a consideration of Rs 24,186 crore through an allotment of 24.18 billion fully paid-up shares of Rs 10 each.
Some of Allen s employees affected by the move told ET that the layoffs happened across centres in Chennai, Bengaluru, Delhi, Hyderabad and Panchkula. The offline teaching operations of Allen NExT have also come to a halt, they added.
Foreign Direct Investment (FDI) in India s information and broadcasting sector, including print media, decreased by 78% to ₹332 crore in Q3 of FY24, down from ₹1,535 crore in the same period last year. However, the sector received FDI worth ₹6,390 crore in the first nine months of FY24, compared to ₹2,925 crore in the same period in FY23. Notable investments include Bodhi Tree Systems ₹4,306 crore investment in Viacom18 and Warner Music India s ₹67 crore fund infusion from WEA International.
Walt Disneys local unit Star India will merge with Reliance Industries (RIL) subsidiary Viacom18 to create the countrys biggest media and entertainment business valued at about $8.5 billion.