Walt Disney Co and Reliance Industries have received approval for their $8.5 billion merger of Indian media assets, subject to certain conditions, according to antitrust watchdog Competition Commission of India (CCI) on Wednesday.
The deal, which had raised concerns over the control of cricket broadcasts, will create India's largest entertainment entity, positioning it against rivals such as Sony, Netflix, and Amazon with a portfolio of 120 TV channels and two streaming services.
Earlier this month, the Competition Commission of India (CCI) issued a warning regarding the merger, expressing concerns that it could lead to excessive control over cricket broadcasting rights and adversely affect advertisers.
In response, Reliance and Disney proposed concessions, including pledges not to unreasonably increase advertising rates for streamed cricket matches.
The CCI confirmed its approval of the merger but did not provide additional details.
Following the merger, the combined entity will be predominantly owned by Mukesh Ambani’s Reliance Industries. The CCI had previously posed around 100 questions to both companies regarding the merger.
