08:33 AM EST, 11/14/2024 (MT Newswires) -- Walt Disney ( DIS ) and Reliance Industries said Thursday that their joint venture in India has secured regulatory approval from the country's Competition Commission.

The joint venture is controlled by Reliance Industries with a 16.34% stake and Disney ( DIS ) holds a 36.84% stake. Viacom18, which contributed its media and JioCinema businesses to the joint venture, holds a 46.82% stake.

The transaction under which Viacom18 merged its media and JioCinema businesses into Star India Private values the JV at about $8.5 billion on a post-money basis, excluding synergies, the companies said.

The companies also said Reliance invested approximately $1.4 billion into the JV for its growth.

Reliance and Walt Disney ( DIS ) said the JV will operate as one of the largest media and entertainment companies in India with over 100 TV channels and combined revenue of approximately $3.1 billion for a 12-month period ended in March 2024.

The transaction to form the joint venture previously received regulatory approval in the EU, China, Turkey, South Korea and Ukraine, the companies said.