Though the minister did not disclose the approved M&A deals, some key transactions cleared by the CCI in recent years include the $8.5 billion Disney-Reliance media merger (2024), Comcast Corporation’s investment in Bodhi Tree Systems, which in turn invested ?4,306 crore in Viacom18 (2023), Tata Sons’ increased stake in Tata Play (2025) and Bharti Airtel’s buyback of 20% in Bharti Telemedia from Warburg Pincus (2021).
“With a view to promote and sustain competition in markets, CCI approves mergers and acquisitions with suitable remedies on a case-to-case basis,” Murugan said in the Lok Sabha.
The Reliance-Disney merger to combine Star India and Viacom18 assets closed on November 14. The merged entity, JioStar, valued at $8.5 billion, will be controlled by RIL with a 56% stake, while Disney will retain 37% and Bodhi Tree Systems will hold 7%.
Before this, Viacom18 secured a ?15,145 crore cash infusion following a strategic transaction between RIL, Bodhi Tree Systems and Paramount Global. RIL invested ?10,839 crore, while Bodhi Tree Systems—a platform of James Murdoch’s Lupa Systems and Uday Shankar—contributed ?4,306 crore.
In the direct-to-home (DTH) segment, Tata Sons acquired an additional 10% stake in Tata Play from Temasek-owned Baytree Investments for $100 million, valuing the company at $1 billion. This raised Tata Sons’ stake in Tata Play to 70%, with Walt Disney holding the remaining 30%.In 2021, Bharti Airtel acquired an additional 20% stake in Bharti Telemedia from Lion Meadow Investment Limited (LMIL), an affiliate of PE firm Warburg Pincus, for ?3,126 crore. The acquisition, partly through issuing 36.47 million equity shares at ?600 per share in Bharti Airtel and ?1,037.8 crore in cash, gave Airtel full ownership of Bharti Telemedia, valuing the company at ?15,630 crore.Murugan also said that under the Policy Guidelines for Uplinking and Downlinking of Television Channels, 2022, 109 private satellite TV channels have been transferred in the last five years.
“The relevant orders including those from the National Company Law Tribunal (NCLT) and the Competition Commission of India are taken into consideration while processing the applications for transfer, merger, acquisitions, etc.,” he noted.
To regulate content, Murugan highlighted that the Cable Television Networks (Regulation) Act, 1995 and its 2021 amendment mandate private satellite TV channels and cable networks to comply with the programme and advertising codes.
Similarly, print media must adhere to the Press Council of India’s (PCI) ‘Norms of Journalistic Conduct’, which restrict fake, defamatory, or misleading news. PCI investigates violations and takes action as necessary.
Digital news publishers must follow the IT Rules, 2021, under the IT Act, 2000, ensuring compliance with PCI norms and the programme code. These regulations collectively aim to uphold responsible content standards across TV, print and digital media.
