MEDIA RELEASE

RELIANCE AND DISNEY ANNOUNCE COMPLETION OF TRANSACTION

TO FORM JOINT VENTURE TO BRING TOGETHER THE MOST ICONIC
AND ENGAGING ENTERTAINMENT BRANDS IN INDIA

Joint Venture ready to lead the transformation of India’s digital streaming

eco-system and grow the linear TV space across entertainment and sports

Reliance has invested ₹ 11,500 crore growth capital in the Joint Venture

Reliance to operate and consolidate the Joint Venture

Mrs. Nita M. Ambani to be the Chairperson

Mumbai / Burbank, Calif., 14th November 2024: Reliance Industries Limited (“RIL”), Viacom 18
Media Private Limited (“Viacom18”) and The Walt Disney Company (NYSE:DIS) ( “Disney”) today
announced that following the approval by the Hon’ble NCLT Mumbai, Competition Commission of
India and other regulatory authorities, the merger of the media and JioCinema businesses of
Viacom18 into Star India Private Limited (“SIPL”) has become effective (the “JV”). In addition, RIL
has invested ₹ 11,500 crore (~US$ 1.4 billion) into the JV for its growth. The JV has allotted shares
to Viacom18 and RIL as consideration for the assets and cash, respectively.

The transaction values the JV at ₹ 70,352 crore (~US$ 8.5 billion) on a post-money basis, excluding
synergies. At the closing of the transactions noted above, the JV is controlled by RIL and owned
16.34% by RIL, 46.82% by Viacom18 and 36.84% by Disney.

Mrs. Nita M. Ambani will be the Chairperson of the JV, with Mr. Uday Shankar as Vice Chairperson
providing strategic guidance to the JV.

The JV is home to the most iconic and engaging media brands in India across TV and digital
platforms. The combination of ‘Star’ and ‘Colors’ on the television side and ‘JioCinema’ and
‘Hotstar’ on the digital front will provide extensive choice of content across entertainment and
sports to viewers in India and globally.

The formation of the JV will herald a new era in India’s entertainment industry for consumers. This
unique joint venture of Reliance and Disney brings together the companies’ content creation and
curation prowess, world-class digital streaming capabilities along with a digital first approach that
will help the JV deliver unparallelled content choices at affordable prices to Indian viewers and
the Indian diaspora globally.

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The JV will be one of the largest Media & Entertainment companies in India with pro forma
combined revenue of approximately ₹ 26,000 crore (~US$ 3.1 billion) for the fiscal year ended in
March 2024. The JV operates over 100 TV channels and produces 30,000+ hours of TV
entertainment content annually. The JioCinema and Hotstar digital platforms have an aggregate
subscription base of over 50 million. The JV holds a portfolio of sports rights across cricket, football
and other sports.

The Competition Commission of India (“CCI”) approved the transaction on 27 August 2024,
subject to the compliance with certain voluntary modifications offered by the parties. Apart from
the CCI, the transaction has been approved by anti-trust authorities in the EU, China, Turkey,
South Korea and Ukraine.

Speaking about the JV, Mr. Mukesh D Ambani, Chairman & Managing Director of Reliance
Industries Limited, said, “With the formation of this JV, the Indian media and entertainment
industry is entering a transformational era. Our deep creative expertise and relationship with
Disney, along with our unmatched understanding of the Indian consumer will ensure unparalleled
content choices at affordable prices for Indian viewers. I am very excited about the JV’s future
and wish it all the success.”

“This is an exciting moment for our two companies, as well as for India’s consumers, as we create
one of the top entertainment entities in the country through this joint venture,” said Mr. Robert A.
Iger, Chief Executive Officer, The Walt Disney Company. “By joining forces with Reliance, we
are able to expand our presence in this important media market and deliver viewers an even more
robust portfolio of entertainment, sports content, and digital services.”

Mr. Uday Shankar, Co-Founder of Bodhi Tree Systems, said, “James and I are excited to be
partners in this journey to disrupt the media and entertainment industry in India. The new
organisation is committed to deliver an unprecedented level of creativity, disruption and new age
consumer experience. As media consumption continues to move to an integrated TV-digital
ecosystem, the merger of Viacom18 and Star India offers a unique opportunity to reorient the
industry to better serve diverse cohorts of consumers across the country. Together, we aim to
build India’s largest integrated media platform which will deliver unparalleled experiences in
innovative and exciting ways.”

The JV will be spearheaded by three CEOs who will lead the company into a new era of ambition
and disruption. Kevin Vaz will head the entertainment organisation across platforms. Kiran Mani
will take charge of the combined digital organization. Sanjog Gupta will lead the combined sports
organisation. Together, they will leverage their unique strengths to cultivate a bold, transformative
vision that challenges the status quo and sets new standards in the industry.

In a separate transaction, RIL has bought out Paramount Global’s entire stake of 13.01% in
Viacom18 for ₹ 4,286 crore. As a result, Viacom18 is owned 70.49% by RIL, 13.54% by
Network18 Media & Investments Ltd. and 15.97% by Bodhi Tree Systems, on a fully-diluted basis.

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About Reliance Industries Limited
Reliance is India’s largest private sector company, with a consolidated revenue of INR 10,00,122 crore
(US$ 119.9 billion), cash profit of INR 1,41,969 crore (US$ 17.0 billion) and net profit of INR 79,020
crore (US$ 9.5 billion) for the year ended March 31, 2024. Reliance’s activities span hydrocarbon
exploration and production, petroleum refining and marketing, petrochemicals, advanced materials
and composites, renewables (solar and hydrogen), retail and digital services.

Currently ranked 86th, Reliance is the largest private sector company from India to be featured in
Fortune’s Global 500 list of 'World’s Largest Companies' for 2024. The company stands 45th in the
Forbes Global 2000 rankings of 'World’s Largest Public Companies' for 2023, the highest among
Indian companies. Reliance has been recognized in Time's list of the 100 Most Influential Companies
of 2024, marking the only Indian company to have achieved this honor twice. Reliance is the top-
ranked Indian company and the only one in the top 100 on Forbes' 'World's Best Employers' 2023 list.
Additionally, it is featured among LinkedIn’s 'Top Companies 2023: The 25 Best Workplaces To Grow
Your Career In India.' Website: www.ril.com

About The Walt Disney Company

The Walt Disney Company, together with its subsidiaries, is a leading diversified international family
entertainment and media enterprise that includes three business segments: Entertainment, Sports
and Experiences. Disney is a Dow 30 company and had annual revenue of $88.9 billion in its Fiscal
Year 2023.

About Bodhi Tree Systems

Bodhi Tree Systems is a strategic investor in consumer technology opportunities in Southeast Asia,
with a particular focus on India. The entity is a platform of James Murdoch's Lupa Systems and Uday
Shankar and was established in 2021 to explore and invest in Southeast Asia and the Middle East. In
addition to media and education, Bodhi Tree expects to invest in other consumer technology sectors
such as healthcare that represent significant opportunities but suffer from a lack of capital and
innovation. Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, is an
investor in Bodhi Tree Systems.

FORWARD-LOOKING STATEMENTS – THE WALT DISNEY COMPANY

The terms “Company,” “we,” and “our” are used below to refer collectively to The Walt Disney
Company and the subsidiaries through which its various businesses are actually conducted.

Certain statements and information in this communication may constitute “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995, including statements
regarding expectations, beliefs, plans, strategies, business or financial prospects or outlook, trends,
future growth opportunities and drivers; expected benefits of the joint venture, including future
products and service offerings and consumer sentiment, priorities and demand; and other statements
that are not historical in nature. These statements are made on the basis of the Company’s views and
assumptions regarding future events and business performance and plans as of the time the
statements are made. The Company does not undertake any obligation to update these statements
unless required by applicable laws or regulations, and you should not place undue reliance on forward-
looking statements.

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Actual results may differ materially from those expressed or implied. Such differences may result from
actions taken by the Company, including restructuring or strategic initiatives or other business
decisions, as well as from developments beyond the Company’s control, including: the occurrence of
subsequent events; deterioration in domestic or global economic conditions or failure of conditions to
improve as anticipated; deterioration in or pressures from competitive conditions, including
competition to create or acquire content; competition for talent and competition for advertising
revenue; consumer preferences and acceptance of our content, offerings, pricing model and price
increases, and corresponding subscriber additions and churn, and the market for advertising sales on
our direct-to-consumer services and linear networks; health concerns and their impact on our
businesses and productions; international, political or military developments; regulatory and legal
developments, technological developments; labor markets and activities, including work stoppages;
adverse weather conditions or natural disasters; and availability of content.

Additional factors are set forth in the Company’s most recent Annual Report on Form 10-K, including
under the captions “Risk Factors,” “Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” and “Business,” quarterly reports on Form 10-Q, including under the captions
“Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of
Operations,” and subsequent filings with the Securities and Exchange Commission.

CONTACTS:

Reliance Industries Limited

Tushar Pania
Corporate Communications
[email protected]

The Walt Disney Company

George Cherian
Corporate Communications Disney India & Star India
[email protected]

David Jefferson
Corporate Communications
[email protected]

Kelvin Liu
Corporate Communications
[email protected]

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