Indian Company Tribunal Approves $8.5 Billion Merger

BENGALURU (Reuters) – An Indian company tribunal has approved the $8.5 billion merger of Reliance Industries and Disney’s Indian media assets, Reliance said on Friday.

Earlier this week, the companies had won approval from the Competition Commission of India (CCI) for the deal, after assuaging regulatory worries about their grip on broadcasting rights for cricket.

The competition regulator had stated that the deal, which will create the country’s biggest entertainment player, was being approved subject to modifications submitted voluntarily by the companies, with further details yet to be shared. A detailed order is still pending.

To finalize the merger, the two companies have offered concessions, including a commitment to not raise advertising rates unreasonably for streamed cricket matches and to sell 7-8 non-sports TV channels, according to a source familiar with the matter.

During Reliance’s annual shareholders meeting on Thursday, billionaire-chairman Mukesh Ambani welcomed the merger and stated, “our expanded Media business will be an invaluable growth centre in the Reliance ecosystem.”