The Competition Commission of India has approved the amalgamation of Jio Cinema OTT platform with Viacom18 Media Pvt Ltd. This approval for merger comes after an investment by BTS Investment 1 Pte Ltd and Reliance Projects & Property Management Services Limited (RPPMSL).
This approval comes after Reliance Industries and Viacom18 announced their strategic partnership in April with BTS – Bodhi Tree Systems – to form one of the largest TV and digital streaming companies in the country.
BTS, along with a host of investors, announced that it will invest Rs 13,500 crore in Viacom18 to launch the entertainment platform and lead the transformation of the media landscape to a ‘streaming first’ approach.
Viacom18 already operates and owns a range of channels including Colors TV and OTT platform, Voot. Reliance Projects & Property Management Services Limited already has its presence across OTT, distribution, content creation, and production services. It announced that it would invest Rs 1,645 crore. RPPMSL, presently owns and operates Jio Cinema OTT platform.
Bodhi Tree Systems, a newly formed platform between Lupa Systems Founder and CEO James Murdoch and Uday Shankar, is incorporated under the laws of Singapore and is currently in the process of raising capital from various investors including sovereign funds, multinationals, and global institutional investors, CCI said in a statement.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today