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Some of Allen's employees affected by the move told ET that the layoffs happened across centres in Chennai, Bengaluru, Delhi, Hyderabad and Panchkula. The offline teaching operations of Allen NExT have also come to a halt, they added.
Reliance Industries Limited (“RIL”), Viacom 18 Media Private Limited (“Viacom18”) and The Walt Disney Company (NYSE:DIS) (“Disney”) today announced the signing of binding definitive agreements to form a joint venture (“JV”) that will combine the businesses of Viacom18 and Star India. As part of the transaction, the media undertaking of Viacom18 will be merged into Star India Private Limited (“SIPL”) through a court-approved scheme of arrangement.
Reliance Industries, Viacom 18, and Disney merge Viacom18 and Star India to create a JV valued at Rs 70,352 crore ($8.5 billion). The JV will be one of India's leading media companies, providing entertainment and sports content to over 750 million viewers and exclusive distribution rights for Disney films.
Reliance Disney Merger: The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment and sports including access to highly anticipated events across television and digital platforms through JioCinema and Hotstar.
India's top conglomerate Reliance Industries, led by Asia's richest man Mukesh Ambani, and Walt Disney have announced the merger of their India TV and streaming media assets, in a strategic move that will create an $8.5 billion entertainment powerhouse.