Showing posts with label Nita Ambani. Show all posts
Showing posts with label Nita Ambani. Show all posts
RIL, Disney announce a big, fat Indian wedding
8:41 AM
Pact to create $8.5b media behemoth after over four months of talks; RIL to be in driver’s seat with 63% combined stake, will inject Rs. 11,500 cr cash into venture
THE ECONOMIC TIMES (February 29, 2024)
Walt Disney's local unit Star India will merge with Reliance Industries (RIL) subsidiary Viacom18 to create the country's biggest media and entertainment business valued at about $8.5 billion. RIL will assume control with a combined stake of 63% in the merged entity. The joint venture will also dominate sports with all the key cricket media rights in its possession. It will have over 750 million viewers across the country and will also cater to the Indian diaspora across the world, the companies said in a statement issued on Wednesday. The merger will create a media giant with a combined FY23 topline of Rs. 25,000 crore.
Mukesh Ambani-led RIL and Bob Iger-led Walt Disney have signed binding, definitive agreements, capping over four months of hectic negotiations. ET was the first to report that Reliance and Disney signed a non-binding term sheet on December 25. As reported by ET on February 28, Nita Ambani will serve as chairperson of the merged entity, while former Star India boss Uday Shankar will provide "strategic guidance" as vice chairperson.
'Landmark agreement'
"This is a landmark agreement that heralds a new era in the Indian entertainment industry," RIL chairman Mukesh Ambani was cited as saying in the statement. "This strategic joint venture... will help us pool our extensive resources, creative prowess, and market insights to deliver unparalleled content at affordable prices to audiences across the nation."
Iger said the merger will create long-term value.
"Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country's leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content," he said in the statement.
Viacom18's media business will be merged into Star India through a court-approved scheme of arrangement as part of the transaction. Additionally, RIL will inject Rs. 11,500 crore ($1.4 billion) cash into the JV for its growth strategy. With this fund infusion, RIL's total investment in the media business amounts to Rs. 22,000 crore in the past year. In April 2023, it had invested over Rs. 10,839 crore as part of a Rs. 15,145 crore fund injection in Viacom18 that saw Bodhi Tree Systems invest Rs. 4,306 crore. Bodhi Tree is promoted jointly by James Murdoch and Shankar.
On a post-money basis, the Star-Viacom18 venture will be valued at Rs. 70,352 crore ($8.5 billion). RIL, Viacom18, and Disney will own 16.34%, 46.82%, and 36.84% of the venture, respectively. Currently, the RIL group including TV18 holds 71.02% in Viacom18 followed by Bodhi Tree at 15.97% and Paramount at 13.01%.
Shankar said the venture "is poised to shape the future of entertainment in India". He had led Star under both Fox and Disney before calling it quits in December 2020.
Based on the shareholding in the joint venture, Viacom18's stake is valued at approximately $4 billion, while that of Star is slightly over $3 billion, a far cry from the $15 billion that it once commanded. Disney had acquired Star as part of a $71 billion Fox entertainment asset acquisition in 2019, during Iger's previous tenure at Disney.
The venture will be granted exclusive rights to distribute Disney films and productions in India, with a licence to more than 30,000 Disney content assets, providing a full suite of entertainment options for the Indian consumer, according to the statement.
The transaction is expected to be completed in the last quarter of 2024 or the first quarter of 2025, subject to regulatory, shareholder and customary approvals.
The deal will see the exit of Paramount Global from Viacom18. Last year, Paramount's stake was diluted to 13% from 49% after a fund infusion by Reliance and Bodhi Tree Systems.
The merged entity will have over 100 TV channels such as Colors, StarPlus, StarGOLD, Star Sports and Sports18, spread across entertainment and sports, besides two streaming platforms, Disney+ Hotstar and JioCinema.
It will have all the key sports rights such as Indian Premier League (IPL), International Cricket Council (ICC) and Board of Control for Cricket in India (BCCI) matches. It will also have the rights for the Indian Super League and the Pro Kabaddi League. Disney may contribute additional media assets to the venture, pending regulatory and third-party approvals.
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From September to a shaadi: How Disney found a new home for Mickey Mouse in India
Viacom18-Star India merger was sealed in 5 months, just ahead of pre-wedding festivities for Mukesh Ambani’s son Anant
Arijit Barman (THE ECONOMIC TIMES; February 29, 2024)
Ever since he landed in Mumbai a week or so ago to help give the final touches to the Reliance-Star India mega merger that was announced on Wednesday, Justin Warbrooke had been struck by a sense of déjà vu. Many years ago, Warbrooke, a Kiwi by birth but with a cool quotient that is innately Californian, had flown into and camped for weeks in India’s financial capital to play matchmaker and close another strategic transaction for his firm — Walt Disney Co’s buyout of Ronnie Srewvala’s UTV Software Communications Ltd, in tranches starting 2006. He was a young executive then, but handles a senior role in Corporate and Business Strategy.
A lot of time has lapsed between the two trades. Mumbai arguably is more polluted, a skyline that resembles a mashup between Singapore and Dubai but minus the infrastructure. Yet some things remain the same.
If the UTV investment and subsequent buyout gave Walt Disney a chance to make a comeback after its first India tie up with KK Modi Group in 1993 went south, the merger with Mukesh Ambani’s flagship Reliance Industries is expected to give the US media giant, a fresh lease of life in Asia’s biggest streaming market after several missteps ranging from losses in sports to losing top talent.
In retrospect, with the UTV deal also underachieving compared to what was originally envisaged, Disney-Reliance had to be a case of being third time lucky.
ET spoke to several executives and officials to piece together all the action that played out behind the scenes of this $8.5 billion stock and cash corporate alliance that is no less racy than a thriller. Most spoke on condition of anonymity. The genesis was in the fall of 2023 and a climax just before the grand pre-wedding party for Ambani’s youngest son Anant in Jamnagar this weekend -- all in a span of five months or so. That’s in sharp contrast with another mega merger that took two years to be called off last month.
Disney to the party
The entire Disney top brass including chief executive Bob Iger, advisor Kevin Mayer, Walbrook and K Madhavan Country Manager and President, Disney Star in India are expected to attend the three day jamboree in Jamnagar as special guests.
Interestingly, that is where the two main actors of this biggest media story playing across television screens and OTT platforms in India today -- Mukesh Ambani, the 66 yr old chairman of Reliance Industries, also the richest man of the country, and his peer Robert “Bob” Iger will meet in person for the first time ever since the negotiations between both sides began around last September. Both stayed away from the deal maths, manoeuvres or the merger minutiaes. Instead they sent two of their key lieutenants Manoj Modi and Mayers to hammer it out on the playing field.
Mayer, once seen as Iger’s likely successor, especially after the launch of Disney+, who had worked closely with the CEO on a series of acquisitions and was a key architect of Disney’s streaming strategy before leaving the firm to start Candle Partners, also a media group, only to be cherry picked and parachuted back last July to “turn around” Disney after Iger was brought in 2022 and then given a 2 year extension to fix the behemoth that was broken in every corner – soaring expenses, furious fans of its once vaunted theme parks, striking screenwriters, dipping revenues, uneven performance of Lucasfilm and Disney’s animation and live-action releases and activist shareholders baying for blood.
Mission India
Mayer’s India mandate from Iger was simple: a holistic solution and not piecemeal slump sale of assets or businesses. An exit from one of the most promising markets that is consuming content on terabytes of free data was also out of the question.
For both Mayer and his colleague Tom Staggs who also had left Disney to start Candle, with the backing of Blackstone, but brought back as Iger’s “advisors”, the world’s largest PE firm was an obvious pit stop.
They have a sizable presence in India and had over the years scoped several media assets including Sony’s local operations, Airtel DTH, Dish TV and Eenadu; and had bought into Jagran Media Network. It had also weighed a co-investment with Star in Asianet for a minority stake, after Rupert Murdoch bought a controlling interest in the Kerala-based network from Rajeev Chandrasekhar, a former telecom-and-media business magnate and the current minister of state for electronics and information technology. Madhavan, himself was the managing director and CEO of Asianet at the time.
In parallel, Madhavan too was talking to potential suitors including Carlyle to put together an investment consortium that would pump in at least a billion dollars and resuscitate Star India and consolidate his position, people aware said.
But for any financial investor, this was a tough call with Jio changing the rules of the game by offering free streaming and cheap data. The financial returns were just not stacking up. “Media in India is also a highly regulated sector with sparring media conglomerates,” said an executive in the know on condition of anonymity. “Which PE firm would want to take on Reliance in India.” None of those conversations therefore moved ahead much.
Return of the Jedi
Enter Reliance.
As talks progressed, Mayer had roped in Walbrooke, a rainmaker who now wears many hats -- head of international finance, CFO, direct-to-consumer business, and international head of business operations, to help him . Walbrooke, himself a company man, joined as a manager after a stint in consulting about two decades back, knew what his bosses and board were seeking.
Once the broad contours were in place, it gathered momentum after Walbrooke visited the Reliance Mumbai office in October followed by Mayer and Modi catching up just before Christmas at the Ambani residence in Stoke Park, London, to shake hands and sign a non binding term sheet with a February 17th deadline.
Both businesses too were to be treated as similar-sized ones, a far cry from Star India’s $15 billion valuation that was often thrown around after Murdoch family crown jewel was acquired in 2019.
Meanwhile, bankers, the valuation specialists from the big and a bevy of lawyers were already tasked to draw out the finer points. By November, the structure too was also clear – create a step-down subsidiary of Viacom18 Media, which will absorb Star India via a stock swap to avoid significant equity dilution of existing partners of Viacom 18.
Viacom18’s entertainment network in the country is a partnership between Ambani’s TV18 Broadcast, Paramount Global and Bodhi Tree Systems.
The combined business also needed money largely on account of the mounting losses of Disney’s sports franchise in India after its jaw dropping Rs 23,575 crore IPL TV rights for the 2023-27 cycle. Iger was not over eager putting more cash at this juncture considering globally it only just about “turned a corner” in the quarter ending February 2024 and announced a $3 billion share buyback programme and a 50% dividend increase to soothe its investors' nerves. So Reliance Industries stepped in with a cheque of Rs 11,500 crore (~$ 1.4 billion). That made Reliance Group (including Viacom 18) the controlling shareholder with 63.16% shareholding.
“Both Reliance, Disney are no pushovers. Both were looking at scale, and Disney retained a meaningful stake for future upside. This is a happy ending for both.” quipped a Reliance executive. “This is a merger but with unequal shareholding.”
Two sides are putting equity instead of one buying the other out for cash. Even the junior shareholder will have rights, added a Disney executive, just before picking his wedding wardrobe for Ambani Junior and Radhika Merchant wedding nuptials with echoes of another union in the background.
With Rihanna, AP Dhillon, Daljit Dosanjh performing in Jamnagar, you don’t want to forget your dancing shoes, do you?
RIL-Disney deal: Nita Ambani may be named chairperson
10:35 AM
Bodhi Tree promoter Uday Shankar could be named vice chairperson
Javed Farooqui (THE ECONOMIC TIMES; February 28, 2024)
Nita Ambani, founder and chairperson of Reliance Foundation, is likely to become the chairperson of Star India-Viacom18 merged entity, while Bodhi Tree promoter Uday Shankar could be named the vice chairperson, people privy to the development told ET.
Ambani has been deeply involved in Reliance's sports initiatives including the Indian Premier League team, Mumbai Indians, and Indian Super League, which incidentally is a 65:35 JV between Reliance and Disney. She is also the first Indian woman to be elected as a member of the International Olympic Committee.
Reliance Industries didn't respond to ET's queries.
As reported earlier by ET, the mega-merger deal between Star India and Viacom18 has been concluded. The contours of the deal have been finalised and it is expected to be announced on Wednesday, the people said.
"Nita Ambani and Uday Shankar will be the chairperson and vice chairperson of the merged entity," said one of the persons cited above. The person added that Shankar is likely to be Reliance's nominee on the merged entity's board.
The sole board seat given to Bodhi Tree is likely to be taken up by its investor, Qatar Investment Authority (QIA), the person said.
INQ Holding LLC, a wholly-owned subsidiary of QIA, had last year invested in Bodhi Tree Systems.
Both Reliance and Disney have set an ambitious deadline for completing the merger by October, another person stated.
However, legal experts cautioned that the completion of the merger will depend on the time it takes to receive Competition Commission of India (CCI) clearance. "Most merger deals have a two- to three-year sunset clause. This will be no different," the person cited above said.
People earlier told ET that Reliance may own 61% of the proposed combined company, with Disney holding 33% and Bodhi Tree having the remaining 6%.
Shari Redstone-promoted Paramount Global, a shareholder in Viacom18, is set to exit the company with Reliance buying its stake. Reliance is expected to invest $1-2 billion, primarily for infusing growth capital into the merged entity and the buyout of Paramount's stake.
We rehearsed Shah Rukh Khan's performance on Jhoome Jo Pathaan 21 times at his house-Shiamak Davar
8:19 AM
Rishabh Suri (HINDUSTAN TIMES; April 4, 2023)
Shiamak Davar choreographed all the dance performances for the Nita Mukesh Ambani Cultural Centre gala. Ask about his favourite moment and the National Film Award-winning choreographer recalls the time “when Shah Rukh Khan (actor) appeared on stage”. He says, “We rehearsed his performance on Jhoome Jo Pathaan 21 times at his house. He was such a sweetheart. It took me a week to choreograph all the performances.”
Spilling the beans on what it was like to be there at the lavish affair, the 61-year-old says, “It was an intimate affair. My team, managers and assistants had put in a lot of hard work and I couldn’t believe how wonderful it (the performances) turned out. My dearest Nita and Mukesh (Ambani) were clapping and screaming, while Isha (Ambani; entrepreneur-daughter) and I sat on the steps and watched the whole show. Rekha ji (actor) was there, too. The energy in the room was wonderful and so positive.”
What was also special for him was working with his students Varun Dhawan and Alia Bhatt (actors) again.
“I also got to work with Shah Rukh after so many years. Alia was fabulous and Rashmika Mandanna (actor) was outstanding. Varun is my jaan, he is such a sweetheart. He learnt all the new steps and worked really hard. Ranveer Singh (actor) is so high-octane,” exclaims Davar.
Gigi Hadid had told Varun Dhawan, ‘When you are going to be on stage, bring me up’-Shiamak Davar
8:18 AM
Rishabh Suri (HINDUSTAN TIMES; April 4, 2023)
Videos of actors Shah Rukh Khan, Ranveer Singh and Varun Dhawan’s Jhoome Jo Pathaan (Pathaan) act and Alia Bhatt and Rashmika Mandanna dancing to the beats of Naatu Naatu (RRR; 2022) at the Nita Mukesh Ambani Cultural Centre (NMACC) gala on Saturday night broke the internet. Another clip from the event that surfaced and became the talk of the town was the part where Dhawan excitedly swoops up American model Gigi Hadid in his arms and twirls her around, giving her a peck on the cheeks. Social media was abuzz with chatter that her consent wasn’t involved.
While Hadid made it clear through an Insta Story that she was happy with what happened, choreographer Shiamak Davar, who directed all the acts for the night, tells us, “Varun told me that Gigi said to him, ‘When you are going to be on stage, bring me up’, to which he said, ‘Okay’. That’s why he picked her up. It was her idea and everything was pre-planned.”
Mention the discussion on consent that’s doing the rounds and Davar asserts, “It is not true. It is Gigi who told Varun [to do so].” The choreographer adds that he was amazed with the kind of response that moment received: “I couldn’t believe how much they (the audience present at the do) loved it. Mukesh (Ambani; business magnate-host) had tears in his eyes and [his wife] Nita (Ambani; philanthropist and host) was wiping them.”
Freedom to choose, says A R Rahman; defends his daughter Khatija’s niqab
8:29 AM
BOMBAY TIMES (February 10, 2019)
Oscar-winning music composer A R Rahman, who was trolled on social media after his daughter Khatija wore a niqab at an event recently, defended her “freedom to choose”. His daughter had shared the stage with him during an event celebrating 10 years of Slumdog Millionaire. She wore a black sari and her face was covered with a niqab, with only her eyes visible.Rahman on Wednesday took to Twitter to shut the trolls with another photograph, which featured Khatija, his other daughter Raheema, wife Sairaa and Nita Ambani – from the event. “The precious ladies of my family Khatija, Raheema and Sairaa with Nita Ambani ji. Freedom to choose,” wrote Rahman.
Khatija also took to Facebook to address the controversy. “I would like to say that the attire I wear or the choices I make in my life does not have anything to do with my parents. The veil has been my personal choice with complete acceptance and honour. I am a sane mature adult who knows to make my choices in life,” she wrote.
Isha Ambani-Anand Piramal's sangeet: Beyoncé enthralls Mukesh Ambani-Nita Ambanis’ guests
7:30 AM
DNA (December 10, 2018)
Isha Ambani and Anand Piramal’s pre-wedding celebrations took place in Udaipur over the weekend. Pop star and Grammy winner Beyoncé arrived in the City of Lakes yesterday afternoon. There was much buzz about the international icon’s performance for the soon-to-be newlyweds even before her arrival.
The Ambanis played the perfect hosts and pulled out all stops to ensure that their guests were looked after very well. Before the Single Ladies singer got on stage on Sunday night, the celebrations on Saturday evening were thoroughly enjoyed by the guests. White chandeliers, red roses and shimmery lights added to the charm of the Udaivilas Palace. A large statue of Lord Shrinathji was seen at the venue. The sangeet ceremony began with a maha-aarti of the deity.
More musical festivities followed soon after. The entire Ambani family was seen on the stage this evening. While Nita and Mukesh Ambani performed a romantic track from the film Jab Tak Hai Jaan, Akash Ambani and fiancée Shloka Mehta shook a leg to the song Khabar Nahi from Dostana. Isha and Anand, who will tie the knot on December 12 at the Ambani residence in Mumbai, expressed their love through a performance on the number Mitwa from Kabhi Alvida Naa Kehna. Nita along with her sons Akash and Anant danced on Mahi Ve from Kal Ho Naa Ho. Bollywood singer Arijit Singh sang numbers like Jiya Jaye Na followed by Kabhi Jo Badal Barse and more. The venue was bathed in blue lights for the private concert. Parineeti Chopra, too, crooned a few tracks for the guests.
Shah Rukh Khan and Gauri Khan, Salman Khan, Aamir Khan and Kiran Rao, Priyanka Chopra Jonas and Nick Jonas, Aishwarya Rai Bachchan and Abhishek Bachchan, Karisma Kapoor, Janhvi Kapoor, Rhea Kapoor, Karan Johar, and many more marked their presence at the function dressed in beautiful traditional clothes. Ranbir Kapoor and buddy Aditya Roy Kapur flew to Udaipur together late on Saturday night. Besides Beyoncé, Sunday morning also saw the arrival of Rekha, dressed in traditional attire, at the Udaipur airport. She was accompanied by Disha Patani. Maniesh Paul and Sukhbir were also snapped here.
Baahubali 2's first look poster to be unveiled at Jio MAMI 18th Mumbai Film Festival
8:10 AM
BOMBAY TIMES (October 17, 2016)
As the countdown to one of
Mumbai's most loved film fests - Jio MAMI Mumbai Film Festival with Star
- begins, we put the spotlight on the interesting line-up of the second
edition of its Movie Mela, which celebrates popular cinema.“The Jio MAMI Mela is a film lover's ideal rendezvous to get inspired by some of the biggest names in the world of Indian cinema,“ says Nita Ambani (Chairperson, Reliance Foundation, and Co-Chairperson, Jio MAMI), adding, “Cinema is the 20th century's gift to the world of art and culture, and the Mela is our way of ensuring that we share the power and potential of this medium with as many people as possible.“
The Mela, which will be held on October 22 and 23, promises to be double the fun. In a mega treat for film buffs, the first look poster of the eagerly anticipated Bahubali 2: The Conclusion will be unveiled by the team behind the pan-Indian blockbuster. Prabhas, Rana Daggubati, Tamannaah, Anushka Shetty, director SS Rajamouli and producer Shobu Yarlagadda will share their vision for the sequel. They will also launch the teaser to a virtual reality spin-off film set around the world of Baahubali, and give the audience a sneak peek into a game and comic based on the epic franchise.
Also, in a major coup, the principal cast and crew of the much-loved classic Jo Jeeta Wohi Sikandar will reunite for the first time in 24 years at the Movie Mela. Director Mansoor Khan, Aamir Khan and Farah Khan (who made her debut as a choreographer with this film), along with Pooja Bedi, Mamik Singh, Deepak Tijori, Deven Bhojani and Aditya Lakhiya, will engage in conversation with Anupama Chopra and Rajeev Masand about the making of the film.
Festival director Anupama says, “India is crazy about cinema but there is really no platform where actors, filmmakers and their fans can connect face to face. We started the Movie Mela to rectify that and create a film festival which was truly inclusive.“
All sessions at the Mela are open to delegates of the Jio MAMI 18th Mumbai Film Festival with Star.
Sir Ian Mckellen says it with cinema and champagne in Mumbai
8:02 AM
Roshmila Bhattacharya (MUMBAI MIRROR; May 25, 2016)
A day before his conversation
with Oscar nominee and Golden Globe winner Ian Mckellen, Aamir Khan and
wife Kiran Rao hosted a dinner for him at their Bandra residence on
Sunday, May 22. The British actor popular for his role of Gandalf in the
Lord of the Rings and The Hobbit movies arrived at 8 pm with lots of
questions for the Indian actor. Aamir had his own questions too but
insisted that Sir Ian answer them during their interaction the following
evening. The one-hour-15-minute session extended by an hour necessitating
an urgent 'loo' break for Aanir who otherwise was the epitome of the
curious and informed cinema buff in the presence of a master craftsman.
Ditto, Kangana Ranaut, Sonam Kapoor, Rajkummar Rao, Riteish Deshmukh and Imran Khan who were happy to be in the audience and just listen to the two talk. For world traveller Kangana the opening of the MAMI Film Club was a way to culturally connect with her city and she was at the NCPA for three hours from 6.15 pm. Also present was Anupama Chopra with filmmaker husband Vinod Chopra who announced the opening of the film club, Neerja director Ram Madhvani, Udaan director Vikamaditya Motwane, Kabir Khan whose wife Mini Mathur was the emcee for the evening. They laughed as Aamir admitted that he had made a lot of mistakes in his first 7-8 films and hoped everyone had forgotten their names and that after an emotional scene he feels like he has run a marathon. And they heard Sir Ian say that he was in awe of Aamir's TV show Satyamev Jayate and the worst way to discover Shakespeare was to read him as he doesn't belong in a classroom. Queen director Vikas Bahl missed the talk but caught up with the legend at the Ambani residence where Nita and daughter Isha hosted a dinner for Sir Ian and select guests.
The Brit thespian complimented Nita on her
dress, making her blush, before going on to confide that this was his
first visit to Mumbai and he was dazzled. Sonam and he discussed books
while Rajkummar and Riteish were in seventh heaven in the presence of
X-Men's Magneto.The menu was strictly vegetarian. The guest of honour too is a herbivore and only eats fish. There was a mix of Indian and western dishes and he savoured both the dhoklas and the pasta. But it was the dessert section that Kiran guided him through, from pastries to kulfi, that really interested him. And the champagne with which everyone raised a toast to the man who made Macbeth a household name.
Nita Ambani to sponsor education of sex workers’ children sheltered by Vivek Oberoi
7:40 AM
Anirban Das (MID-DAY; September 2, 2015)
After receiving the co-operation of chief minister Devendra Fadnavis to open a shelter home for the daughters of sex workers in the city, Vivek Oberoi has now found a supporter in Nita Ambani. The businesswoman-philanthropist has come forward to fund the education of those girls.
The actor had announced the shelter home opening on August 29 which had the CM and Ambani in attendance. “Post the announcement, Vivek was discussing several things with her to help the girls. It was then that Nita assured help to the actor through her NGO for their education. The schooling fees and all other requirements to pursue education will be provided by her,” informs a source.
Vivek confirms the news and says, “Very few people know that the Ambani School, post working hours, opens its doors to children from labour camps and slums. Nita Ambani has a big heart and for her to come forward and provide these girls with scholarships for their education is truly touching and will go a long way in helping us with the cause.”
Talking about her commitment, Nita says, “All of us together need to be committed to this cause. Every girl child needs to be empowered and that comes with education. I pledge to help in educating these girls and offer them scholarships.”
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