Nita and Akash Ambani join Viacom18 board as merger with Star India looms

New Delhi: Nita Ambani, chairperson of Reliance Foundation, and Akash Ambani, chairman of Reliance Jio Infocomm, have joined the board of Viacom18, a joint venture between Reliance and Bodhi Tree Systems.

This strategic move comes as Viacom18 prepares to merge with Star India, creating a massive media conglomerate valued at $8.5 billion. 

Joining the Ambanis on the Viacom18 board are James Murdoch, co-promoter of Bodhi Tree Systems, and Mohammed Ahmed Al-Hardan, head of technology, media, and telecom at the Qatar Investment Authority. Additionally, Jyoti Deshpande, president of media and content business at Reliance Industries, and Shuva Mandal, partner at Anagram Partners, have also been appointed to the board.

The merger is expected to lead to a new board structure for the combined entity, with representatives from both Star India and Viacom18. Reliance Industries is likely to have a majority representation on the board, while Walt Disney and Bodhi Tree Systems will also have their representatives.

The process of transferring Viacom18's TV channel licenses to Star India is underway, with approval from the Ministry of Information and Broadcasting expected soon. The merger will be executed through a series of asset transfers and share exchanges, resulting in a unified structure.

Once the merger is finalised, Nita Ambani is set to become the chairperson of the newly formed entity, while Uday Shankar, co-promoter of Bodhi Tree Systems and a seasoned media executive, will take on the role of vice-chairperson.

The Reliance-Disney merger has already received conditional approval from the Competition Commission of India, subject to certain requirements. However, the deal will only be fully executed after the boards of both companies agree on an effective date.