Mumbai: The Competition Commission of India (CCI) approved the proposed merger of Jio Cinema OTT and Viacom18 Media on Monday.
Following an investment by BTS Investment and Reliance Projects & Property Management Services, the CCI announced in a tweet on Monday that it had approved the merger of the Jio Cinema OTT platform with Viacom18 Media.
Commission approves amalgamation of the Jio Cinema OTT platform with Viacom 18 Media, following an investment by BTS Investment and Reliance Projects & Property Management Services pic.twitter.com/CWIXEJXx1t
— CCI (@CCI_India) September 19, 2022
In April, Reliance Industries (RIL) and Viacom18 announced a strategic partnership with Bodhi Tree Systems. According to an agreement signed, Bodhi Tree was obliged to invest Rs 13,500 crore in Viacom18, and Reliance Projects & Property Management Services, a wholly-owned subsidiary of RIL, was informed to invest Rs 1,645 crore in the broadcaster, forming one of India's largest TV and digital streaming firms. As a result, Reliance's popular Jio Cinema OTT app was transferred to Viacom18.
Bodhi Tree Systems (BTS) is a joint venture between James Murdoch's Lupa Systems and the former chairman of Star India and Disney India Uday Shankar.
IT support services are provided by Reliance Projects & Property Management Services. Through its portfolio of channels and streaming service Voot, Viacom18 Media engages in the business of offering media and entertainment services.
Deals that exceed a specific threshold require regulator permission, which keeps an eye on unethical commercial practices in the market.