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New Delhi: The merger of media assets of Reliance Industries and the India business of global media house the Walt Disney is expected to be complete by the end of the third quarter of this fiscal, according to a regulatory filing by billionaire Mukesh Ambani-led group. The fair trade regulator CCI has already approved the merger of Viacom 18 and <keyword id="19976122" type="General" weightage="20" keywordseo="Star-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Star India" meta.hostid="261" meta.entityid="Star India">Star India</keyword> and NCLT (National Company Law Tribunal) has sanctioned the scheme regarding it. "The companies are in the process of obtaining other requisite approvals for the completion of the transaction and transaction closer is expected in 3Q FY 25," informed Reliance Industries on Monday in its quarter earning statement. The merger of Reliance group-controlled media assets - TV18 Broadcast and E18 - with Network18 Media &amp; Investments has already been sanctioned by the NCLT and was made effective on October 3, it said. Earlier on September 27, the government approved the transfer of licenses relating to Non News &amp; Current Affairs TV channels held by media entities of Reliance Industries to Star India. "The Ministry of Information and Broadcasting, Government of India, vide its order dated September 27, has granted its approval for transfer of Licenses relating to Non News &amp; Current Affairs TV channels held by <keyword id="19976121" type="General" weightage="20" keywordseo="Viacom18" source="keywords" meta.keywordsubtype="org" meta.entityname="Viacom18" meta.hostid="261" meta.entityid="Viacom18">Viacom18</keyword> Media Private Limited in favour of Star India," it had said. Viacom18 is the holding company that owns the media and entertainment business of billionaire Mukesh Ambani-led Reliance Industries and Bodhi Tree Systems. Both sides are in the final stages of the merger, making some adjustments in the business as per the Competition Commission of India (CCI) directions. On August 30, the NCLT had approved the scheme of merger of Viacom18 Media and Digital 18 Media, holding media and entertainment assets of Reliance Industries with Star India. The scheme had proposed the transfer and vesting of Media Operations Undertaking from Viacom 18 and Jio Cinema into Digital18, which is a subsidiary of Viacom 18. This would be followed by "demerger, transfer and vesting of V18 Undertaking from Digital 18 into Star India". The merger of the media assets of Reliance Industries and The Walt Disney Co.'s India business will create the country's largest media empire worth over Rs 70,000 crore. Earlier, the CCI had said it has cleared the "proposed combination involving Reliance Industries Ltd, Viacom18 Media Pvt Ltd, Digital18 Media Ltd, Star India Pvt Ltd and Star Television Productions Ltd, subject to the compliance of voluntary modifications". Viacom18 is part of the RIL group, and Star India is wholly owned by The <keyword id="19986269" type="General" weightage="20" keywordseo="Walt-Disney-Company" source="keywords">Walt Disney Company</keyword>. Star Television Productions, a company incorporated in the British Virgin Islands, is owned indirectly by Walt Disney. The CCI, however, did not disclose voluntary modifications in the original deal made by the two parties. As per the deal, Mukesh Ambani-led RIL and its affiliates will hold 63.16 per cent of the combined entity that will house two streaming services and 120 television channels. Walt Disney will hold the remaining 36.84 per cent stake in the combined entity, which will also be India's largest media house. Reliance Industries has also agreed to invest close to Rs 11,500 crore into the joint venture to give it the muscle to fight rivals like Japan's Sony and Netflix. Nita Ambani, wife of billionaire and RIL Chairman <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>, will head the joint venture, while Uday Shankar will be the vice-chairperson.

Reliance expects to complete merger with Disney's India business in Q3

<keyword id="19976119" type="General" weightage="20" keywordseo="Zee" source="keywords">ZEE</keyword> Entertainment Enterprises Ltd and <keyword id="19914172" type="General" weightage="20" keywordseo="Sony" source="keywords">Sony</keyword> Pictures Networks India on Tuesday said they have settled their disputes related to the failed USD 10-billion merger and have agreed to withdraw all claims against each other. The settlement stems from a mutual understanding between the companies to independently pursue future growth opportunities with a renewed purpose and focus on the evolving media and entertainment landscape, signifying the definitive conclusion of all disputes, the two companies said in a joint statement. ZEE Entertainment Enterprises Ltd and Culver Max Entertainment Pvt. Ltd. (CMEPL) have arrived at a comprehensive non-cash settlement, amicably resolving all disputes related to the merger co-operation agreement and the composite scheme of arrangement, it said. Under the agreement, the companies have mutually agreed to withdraw all respective claims against each other, in the ongoing arbitration at the Singapore International Arbitration Centre (SIAC), and all related legal proceedings initiated in the National Company Law Tribunal (<keyword id="6355809" type="General" weightage="20" keywordseo="nclt" source="Orion">NCLT</keyword>) and other forums, it added. The companies will also withdraw the respective composite schemes of Arrangement from the NCLT and inform the relevant regulatory authorities. In January this year, Sony had pulled out from the proposed USD 10-billion merger with ZEE Entertainment Enterprises Ltd citing failure to meet certain "closing conditions" by the Indian firm. The deal collapsed after over two years of announcing it. Subsequently, the two parties went to the courts. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-to-be-launched-on-september-9-heres-everything-we-know-so-far/articleshow/112828818.cms">Apple iPhone 16 to be launched on September 9 – here’s everything we know so far</a> <a href="https://www.businessinsider.in/stock-market/news/a-company-with-8-employees-looking-to-raise-12-crore-ended-up-getting-applications-worth-over-4700-crore/articleshow/112824522.cms">Delhi firm with just 8 employees seeks ₹12 crore via IPO, gets ₹4,700 crore worth of investor applications!</a> <a href="https://www.businessinsider.in/tech/news/telegram-comes-under-the-scanner-in-india-for-extortion-and-gambling-will-it-be-banned-in-india/articleshow/112807370.cms">Telegram comes under the scanner in India for extortion and gambling – will it be banned in India?</a>

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

<ul class="summary-list"><li>Investors accuse Florida businessman Patrick Orlando of diverting millions of Trump Media shares from them.</li><li>Orlando was the CEO of the blank check firm that helped take Trump Media public.</li></ul>Investors have accused the ex-CEO of the blank check firm that helped take the parent company of President-elect <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">Donald Trump's</a> social media site public of stiffing them out of million of shares.The plaintiffs — more than three dozen investors — allege in a new lawsuit against Florida businessman Patrick Orlando that he "engaged in malicious and intentional self-dealing of monumental proportions to the tune of potentially hundreds of millions of dollars" by diverting assets to himself and his family through entities including an offshore shell company.The plaintiffs say in the lawsuit that they are founding members of Orlando's <a target="_blank" class="" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">ARC Global Investments II</a> entity, the sponsor of a SPAC that merged with <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/donald-trump-truth-social-resignation-whistleblower-propublica-2024-10">Trump Media &amp; Technology Group</a> to take it public earlier this year. Orlando was the CEO and chairman of the SPAC, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/digital-world-acquisition-corp-and-trump-media-technology-group-corp-announce-completion-of-business-combination-1033193991">Digital World Acquisition Corporation</a>.The lawsuit, filed Tuesday in Delaware's Chancery Court, alleges that Orlando and ARC Global have failed to transfer what is owed — roughly 75% to 80% of the total approximate 8.1 million shares of stock in Trump Media that ARC Global owns — to the plaintiffs.Trump Media is the operator of Trump's social media platform, <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-truth-social-tmtg-stock-wealth-election-harris-x-2024-9">Truth Social.</a>Orlando, his attorneys, and attorneys for ARC Global did not immediately respond to requests for comment from Business Insider on Thursday.The lawsuit accuses the defendants of "coordinated and intentional theft of stock" and "egregious breaches of fiduciary duties" by Orlando.Orlando, the lawsuit alleges, "orchestrated a scheme with the other Defendants to divert the majority of ARC ownership interest to himself and his family through a closely held alter-ego entity named Franlu LLC" and a Cayman Islands-based entity called Belsize Ventures Ltd. Franlu and Belsize are also named as defendants in the lawsuit."In doing so, Orlando intentionally breached his fiduciary duties owed to Plaintiffs by diluting the ownership interests of the Plaintiffs," the lawsuit says. "Specifically, as Managing Member of ARC, Orlando conveyed roughly 46% of ARC's membership interest to Franlu in a secret transaction for zero consideration in exchange."The lawsuit alleges that ARC Global is diverting shares to Orlando and his "inner circle" and "liquidating remaining shares to fund Orlando's own legal defense efforts and other personal expenses on a commingled basis with ARC's own assets.""While claiming that ARC was not in position to distribute shares, Orlando has been enriching himself through a series of lavish purchases, including a brand new six-million-dollar home in Miami, from the proceeds of TMTG stock that he misappropriated," the lawsuit alleges.To date, the plaintiffs have received only a "meager fraction" of the Trump Media shares they say they are owed by ARC Global under the terms of their subscription agreements, the lawsuit says.The merger that allowed Trump Media to trade under the stock ticker DJT was completed in March, with the lock-up period ending in September, the lawsuit says."Even assuming the lock-up period stood as the hurdle to Plaintiffs receiving their Founder Shares, the lock-up period ended over one month ago," the lawsuit says.The lawsuit says that in September, Orlando emailed ARC Global members, including the plaintiffs, "claiming that 'ARC has matters that must be addressed before equity distributions are made.""As examples, Orlando listed certain 'liabilities of ARC,' including 'bona fide creditors, such as professional advisors or noteholders, as well as costs imposed upon ARC through litigation,'" the lawsuit says.The lawsuit says that Orlando emailed ARC Global members again in October "stating that '[i]nitial distributions [were] in progress,' but that 'further distributions' were only 'expected in the future.'""Orlando's email again alludes to 'attacks' on ARC and the need to 'defend itself,' without providing any explanation for how such 'attacks' affect ARC's ability to tender to subscribing investors their TMTG shares," the lawsuit continues.The <a target="_blank" class="" href="https://www.businessinsider.com/sec-sues-ex-ceo-spac-helped-trump-media-for-fraud-2024-7">Securities and Exchange Commission sued Orlando</a> in July, alleging that he "falsely represented" that his blank check company, Digital World Acquisition Corp., did not intend to merge with any specific company."Orlando knew these statements were false because he had personally engaged in numerous lengthy discussions with representatives of Trump Media &amp; Technology Group Corp," the SEC said in the lawsuit.The group of investors who filed the latest lawsuit against Orlando are seeking to recover their "rightful portion" of the 8.1 million stock shares, "nullify improper transactions," and monetary damages.Trump Media's stock rose 5.9% Wednesday after <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Trump defeated Vice President Kamala Harris</a> in the presidential election but dropped 23% Thursday, closing at $27.70.

Investors accuse the ex-CEO of the company that helped take Trump Media public of stiffing them out of millions of shares

<ul class="summary-list"><li>Discovery merged with WarnerMedia back in 2022 to create Warner Bros Discovery. Investors hate the outcome.</li><li>Now someone at WBD is floating the idea to basically undo that merger, and create two new companies.</li></ul>Remember back in 2022 when we told you that combining the company that used to be called WarnerMedia with Discovery would be a great idea?Well, what if we just pretend that never happened?That's basically the pitch the management of Warner Bros. Discovery is floating to investors today, via a story in the <a target="_blank" href="https://www.ft.com/content/be716ec2-1c02-467c-94af-7c8ef9ae1963">Financial Times</a>: "A dramatic plan to split its digital streaming and studio businesses from its legacy television networks."The theoretical plan, as best as I can understand from the FT report, is to turn WBD into one "Goodco" — its (formerly known as HBO) Max streaming business and its Warner Bros. movie studio — and one "shitco" — all of its declining linear TV networks, including CNN, plus most or all of the $40 billion in debt WBD has taken on.The details are fuzzy, and it's unclear how serious WBD is about any of this. And I've gotten a range of reactions from media business veterans and observers on this one. Some think it's a drastic but reasonable idea, others think it's a non-starter. We can go over pros and cons in a second.But the biggest takeaway is the seeming admission behind the trial balloon: That the WarnerMedia-Discovery deal — pitched at the time as a way to scale up to fight Netflix and Big Tech companies — hasn't worked.That is: Adding Discovery — a collection of basic cable TV networks that bring you Shark Week and Dr. Pimple Popper — to a company that owns its own basic cable TV networks, plus HBO and a movie studio hasn't created a bigger, better company, but a weaker one.That's not a new idea, and plenty of other people have figured it out, too. Investors, for starters, have whittled down WBD's stock price from $24, when the combined company first hit the market, to around $8 Thursday.Another indicator that mashing up Discovery content alongside HBO hasn't made for better streaming service, <a target="_blank" class="" href="https://podcasts.apple.com/gr/podcast/hbo-boss-casey-bloys-on-the-strikes-the-bundle-and-ai/id1080467174?i=1000629466417">no matter what WBD executives have publicly insisted</a>: A new branding plan that will <a target="_blank" class="" href="https://variety.com/2024/tv/news/the-penguin-dune-prophecy-hbo-originals-max-1236067076/">label Max's biggest-budget, highest-profile new shows as … HBO shows</a>.And in what is probably very much not a coincidence, this week <a target="_blank" href="https://www.businessinsider.com/warner-bros-discovery-wbd-zaslav-struggles-streaming-media-strategy-analysis-2024-7">analyst Jessica Reif Ehrlich declared that WBD is definitively "not working" and that "staying the course appears to be untenable."</a> She then went on to list several possible solutions, one of which maps to what the FT says WBD is now considering. (WBD PR declined to comment on the report.)The argument against this kind of breakup is pretty straightforward: Sure, it would be nice for WBD to magically move its declining assets into a separate company, along with all that debt. But those declining assets — TV networks that still command billions of dollars in subscriber fees — still throw off a lot of cash, and that cash helps to fund the rest of the combined business. Plus, what investor wants to own a shitco? And would the money from those declining networks be enough to service all that debt?"Nonsensical," says analyst Rich Greenfield in a note Thursday morning.The flip side of the argument: Splitting HBO and the movie studio from the cable networks is something the company's various owners should have done years ago. And yes, the value of those cable assets has been in steady decline, and you'll get a lot less for them now. But it's literally better than doing nothing.Plus, separating HBO and the studio from traditional TV instantly makes those businesses attractive M&amp;A targets, especially for tech companies that like content but don't want to own TV networks. Apple, most notably, inquired about buying HBO way back when its parent company was called Time Warner.And, the argument goes, this is going to happen one way or another, eventually. If WBD can't split the company the way it's supposedly proposing now, it will end up selling off assets (maybe CNN? Maybe its gaming company? ) over time. This just moves things along much faster.It's tempting here to lay all of this at the feet of <a target="_blank" class="" href="https://www.businessinsider.com/wbd-david-zaslav-biden-trump-election-regulation-sun-valley-2024-7">WBD CEO David Zaslav — most recently seen at the Sun Valley media conference, all but endorsing Donald Trump</a>. Which is fair, since he's been the public face of this deal.On the other hand, the problem Zaslav is trying to solve — how to balance a declining but profitable TV business alongside a streaming future that's unclear and expensive — is one facing every big media company. (See, for starters, Paramount, which also tried to merge itself into the future and has <a target="_blank" class="" href="https://www.businessinsider.com/david-ellison-paramount-tech-plans-explained-peter-kafka-2024-7">had to admit defeat via a drawn-out fire sale</a>.)And if Zaslav ends up unwinding his deal, he won't be the first person to realize he's made a mistake by buying HBO et al: <a target="_blank" class="" href="https://www.vox.com/recode/2021/5/16/22439154/warner-media-discovery-hbo-max-att-streaming-netflix-merger">AT&amp;T did the same thing in 2021, when it undid the $100 billion deal it first proposed in 2016</a> by selling to … Zaslav.As they said in one of HBO's signature shows: <a target="_blank" class="" href="https://www.youtube.com/watch?v=0mhZBLUyybo">Time is a flat circle</a>.

Warner Bros Discovery (basically) admits its merger didn't work

<ul class="summary-list"><li>A major Trump Media shareholder has sold nearly all of its company shares, an SEC filing showed.</li><li>The seller is United Atlantic Ventures, the investment partnership of two former "Apprentice" contestants.</li></ul><a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media</a> shareholder United Atlantic Ventures has sold nearly all of its stake in the company, amounting to nearly 11 million shares. The move comes after the company's lock-up agreement expired on September 19.According to a Thursday <a target="_blank" href="https://www.cnbc.com/2024/09/26/trump-media-shareholder-dumped-more-than-7point5-million-shares.html">regulatory filing</a>, UAV now holds just 100 shares in the Truth Social parent company. It's an investing collaboration between Andrew Litinsky and Wes Moss, who were former contestants on Donald Trump's "Apprentice" reality show.The sale is the first known case of company insiders ditching Trump Media shares now that restrictions have expired.UAV initially held 7.5 million DJT shares as of March 25, the day the company completed a merger with blank-check company Digital World Acquisition Corp. A separate <a target="_blank" href="https://www.cnbc.com/2024/09/26/trump-media-shareholder-dumped-more-than-7point5-million-shares.html">SEC filing</a> shows that it was issued an additional 3.4 million shares on September 5.Given how volatile the Trump Media stock is, UAV may have received anywhere between $128 million and $170 million for its sale.After Litinsky and Moss helped Trump create the social media organization in 2021, their relationship with the presidential hopeful deteriorated. The pair has <a target="_blank" href="https://www.businessinsider.com/trump-media-company-cofounders-sue-scheme-dilute-shares-2024-3">gone to court against Trump Media</a>, accusing it of diluting their shares, and the company later <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-spac-merger-djt-truth-social-lawsuit-2024-4">fired back with its own lawsuit.</a>For his part, Trump has <a target="_blank" href="https://www.cnbc.com/2024/09/13/trump-media-djt-not-selling-stock-pops.html">resolved to not sell any of his shares</a>, which amount to 56% of the company. Before he voiced this commitment earlier in the month, some <a target="_blank" class="" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">speculated</a> that the former president may want to unload his holdings to gross billions in profit — especially as he continues to<a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-truth-social-kamala-harris-presidency-election-odds-meme-2024-8"> face massive legal fees</a> from past court cases.If Trump did decide to cash in on his shares, he'd rake in less than when the firm first went public. Since its March peak, DJT has dropped more than 78%. Many analysts consider it a meme stock, given that the firm's fundamentals do not justify its previous highs.

Trump Media insiders sell nearly 11 million shares after lock-up period expires

<ul class="summary-list"><li>Trump Media &amp; Technology Group cofounders accused the company of conspiring to dilute their shares.</li><li>Andy Litinsky and Wes Moss, former contestants on "The Apprentice," pitched the venture in 2021.</li></ul>Two cofounders of former President Donald Trump's media company have filed a lawsuit claiming executives at the company schemed to deprive them of shares that could be worth hundreds of millions of dollars ahead of a possible merger.Andy Litinsky and Wes Moss, who met Trump when they were contestants on "The Apprentice," filed the lawsuit through their partnership, United Atlantic Ventures (UAV).In the suit, seen by The Washington Post, they claimed executives, including Trump, were using <a target="_blank" href="https://www.washingtonpost.com/technology/2024/02/29/truth-social-lawsuit-trump-media-founders/">"11th hour, pre-merger corporate maneuvering"</a> to dilute their stake in the business.Trump Media's press office did not immediately respond to a request for comment from Business Insider, which was made outside of regular working hours.The lawsuit is the latest of three that could complicate an upcoming shareholder vote on a long-pending merger that would take the company public.The bid would see Trump's company, the parent company of his social media network Truth Social, merge with blank-check company Digital World Acquisition.Litinsky and Moss first came to Trump in 2021 with a pitch for a Trump-branded media startup after he was barred from Twitter, and they agreed on a deal that gave Trump a 90% stake and UAV 8.6%, per The Post.The new lawsuit claims that Trump and other leaders sought to increase the amount of authorized stock from 120 million shares to 1 billion shares, which would reduce Litinsky and Moss' stake to less than 1% ahead of the merger, the report said.According to a Securities and Exchange Commission filing from Digital World, Trump's shares would be worth more than $3 billion after the merger at Thursday's stock price, while UAV's stake would be worth nearly $300 million.The sum would be a welcome financial boost for the former president, who faces huge legal costs of <a target="_blank" href="https://www.washingtonpost.com/politics/2024/02/25/trump-354-million-penalty-judgment/?itid=lk_inline_manual_25">more than $450 million</a>.The suit also claims that the Trump Media board planned to give new shares to "Trump and/or his associates and children," per The Post.The outlet previously reported that Trump had called Litinsky in October 2021 to ask if he would<a target="_blank" href="https://www.washingtonpost.com/technology/2022/10/15/truth-social-trump-animosity-whistleblower/"> give up some of his shares to Trump's wife, Melania,</a> and that he had refused.Litinsky and Moss left Trump Media soon after UAV launched the business after a dispute with company leaders, but they retained their shares, per the Digital World SEC filing.The two-year attempted merger between Trump Media and Digital World Acquisition Corp has faced ongoing delays, partly due to SEC investigations into potential securities violations.Ahead of the final shareholder vote on March 22, the merger still faces complications as legal hurdles continue to mount.

Former 'apprentices' and Trump Media cofounders file lawsuit claiming company execs tried to dilute their stake ahead of a potential merger

<ul class="summary-list"><li>Trump Media shares hit a record post-merger low on Tuesday.</li><li>The stock has slid alongside declining odds for a Donald Trump presidential victory.</li></ul>Shares in <a target="_blank" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media and Technology</a> are hovering near record lows amid falling election odds for Donald Trump.The Truth Social parent firm fell to a post-merger low of $21.33 on Tuesday before rebounding on during Wednesday trading.The decline tracks Trumps's declining odds to be elected as president in November. According to the betting market <a target="_blank" href="https://www.predictit.org/markets/detail/7456/Who-will-win-the-2024-US-presidential-election">PredictIt</a>, the former president's chances of retaking the Oval Office have dropped to 47% from 69% last month.In some respects, DJT stock has come to resemble a bet on Trump's victory chances. It spiked in mid-July, when the failed assassination attempt on Trump raised outlooks<a target="_blank" href="https://www.wsj.com/livecoverage/stock-market-today-bank-earnings-07-15-2024/card/bettors-see-higher-chance-of-trump-election-victory-after-assassination-attempt-bCoaMgTJqJzEfOzKkwlc"> that he would win.</a>The emergence of Vice President Kamala Harris has since pushed the stock back into a tailspin. Her momentum revived chances of a Democratic presidency, which had slid heavily under Biden. She now holds a 56% implied probability of winning and has gradually gained a polling lead against Trump.This week will have especially weighed against Trump, with all eyes on the Democratic Convention.Shares have also <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-x-twitter-interview-elon-musk-truth-social-djt2024-8">fallen amid Trump's return to X, formerly Twitter,</a> a platform he was temporarily barred from in 2021. His comeback last week involved an interview with X CEO Elon Musk.However, some investors will likely find Trump's return disappointing since Truth Social was marketed as an alternative to Twitter.Meanwhile, Trump Media can depend little on its own performance, as the firm is not profitable, and has become a <a target="_blank" href="https://www.businessinsider.com/trump-media-collapse-rally-meme-stock-djt-2024-5">reputed meme stock</a>.The company posted a $16 million loss in its latest earnings report and a decline in quarterly revenue.Falling shares are not a welcome sight for Trump, who owns around 60% of the firm. While regulation has barred insiders from cashing in this stake for six months since March, this limit will expire on September 20th.Trump has made no indication that he will cash in his shares, but is facing massive legal fees that could add pressure. According to Bloomberg, <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-08-20/trump-is-about-to-get-the-all-clear-to-cash-in-on-media-shares">lawsuits and prosecutions</a> against the former president have amounted to over half a billion dollars in penalties.

Trump Media stock is trading near record lows as Kamala Harris reshuffles election odds

New Delhi, Shares of <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> Industries on Thursday ended nearly 1 per cent higher after <keyword id="19936671" type="General" weightage="20" keywordseo="walt-disney-co" source="keywords">Walt Disney Co</keyword> and the firm announced the signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth. The stock of the country's most valued firm in terms of market valuation ended at Rs 2,924.75, up 0.54 per cent on the BSE. During the day, it climbed 1.68 per cent to Rs 2,958. Shares of the company ended with a gain of 0.66 per cent at Rs 2,930.75 on the NSE. During the day, it went up by 1.60 per cent to Rs 2,957.95. The company's market valuation stood at Rs 19,78,794.25 crore. In the broader equity market, the 30-share BSE benchmark climbed 195.42 points or 0.27 per cent to settle at 72,500.30, and the Nifty went up by 31.65 points or 0.14 per cent to 21,982.80. Under the deal, coming just over a month after the failed USD 10 billion merger of rivals <keyword id="19976119" type="General" weightage="20" keywordseo="zee" source="keywords">Zee</keyword> and <keyword id="19914172" type="General" weightage="20" keywordseo="sony" source="keywords">Sony</keyword>, Reliance and its affiliates will hold 63.16 per cent in the combined entity that will house two streaming services and 120 television channels. Disney will hold the remaining 36.84 per cent, the companies said in a statement on Wednesday. Reliance has also agreed to invest at closing Rs 11,500 crore into the joint venture to give it the muscle to fight rivals such as Japan's Sony and Netflix. Media ventures of Reliance are housed in Network 18, which owns TV18 news channels as well as a plethora of entertainment (under the 'Colors' brand) and sports channels. NW18 also has stakes in moneycontrol.com, bookmyshow and publishes magazines. Its subsidiary NW18 owns news channels CNBC/CNNNews. Reliance separately owns a movie production arm - JioStudios, and majority stakes in two listed cable distribution companies, Den and <keyword id="20777796" type="General" weightage="20" keywordseo="hathway" source="keywords">Hathway</keyword>.

RIL shares climb nearly 1% after announcing mega merger

I'm not saying that I am the next <a target="_blank" href="https://markets.businessinsider.com/news/stocks/jim-cramer-sees-any-weakness-in-nvidia-stock-as-chance-to-buy-it-1031303709">Jim Cramer</a>, but I had a point when I wrote just a few weeks ago that former President <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-djt-truth-social-donald-trump-retail-2024-4">Donald Trump's social-media company</a> was <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-price-crash-spac-djt-truth-social-2024-4?mrfhud=true">probably not going to be an awesome stock pick</a>. Was this <a target="_blank" href="https://www.businessinsider.com/barry-diller-trump-media-truth-social-scam-comments-2024-4">completely foreseeable</a> and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/why-trump-media-stock-could-be-the-most-obvious-short-idea-in-the-market-1033240349">deeply obvious</a>? Absolutely.<keyword id="7020134" type="General" weightage="20" keywordseo="trump-media" source="Orion">Trump Media</keyword> &amp; Technology Group, which owns the conservative Twitter clone Truth Social, went public via SPAC in late March. (For those not familiar, a SPAC, or special-purpose acquisition company, is a shell company that goes public with the intention of buying an actual company later. In the Trump case, the shell company Digital World Acquisition purchased TMTG.) When the merger was completed, <a target="_blank" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">the stock — which trades under the ticker DJT — popped</a> to over $70 a share. TMTG's market cap topped $9 billion, and the former president's net worth, on paper, <a target="_blank" href="https://www.businessinsider.com/trump-wealth-tmtg-dwac-billionaires-stock-court-judgment-rich-list-2024-3">jumped to $7 billion</a>.And then, <keyword id="5173883" type="General" weightage="20" keywordseo="djt" source="Orion">DJT</keyword> popped again, but this time in the bad, bubble-bursting way. Its price <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-shares-donald-trump-media-plunged-18-financial-liabilities-tmtg-2024-4">fell</a>, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-djt-market-cap-5b-truth-social-2024-4">then it fell again</a>, and <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-drop-truth-social-meme-cash-windfall-2024-4?utm_medium=ingest&amp;utm_source=markets">then it fell some more</a>. The stock staged a bit of a rally at the end of last week, but it's still well off of its March highs. As of the end of trading on Friday, TMTG was trading at $36.38 down 54% from its peak and 41% since I wrote about it three weeks ago. Correspondingly, the former president's related wealth gains <a target="_blank" href="https://www.businessinsider.com/trump-media-stock-freefall-lost-ex-president-billions-2024-4">have come back down to earth</a>. People on Truth Social <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-crash-djt-truth-social-donald-trump-retail-2024-4">feel pretty bad</a> about it. Short sellers, if I had to guess, <a target="_blank" href="https://www.businessinsider.com/trump-media-short-interest-meme-stock-gamestop-2024-3">feel pretty good</a>, even if <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-short-selling-protection-truth-social-shares-2024-4">Trump's company is trying to prevent them</a> from betting against it. Anyone investing in TMTG is in for a bumpy ride.While Trump is a political figure, Trump Media's stock price is not really a political story. Sure, there are some fervent followers who believe that buying the stock is akin to supporting the Republican presidential candidate. More broadly, though, TMTG's fall from grace is more of a business story with a hint of cultural weight that let it achieve some meme-stock-like status.The thing about TMTG is that it is not a good business. Its total revenue was $4.1 million in 2023, which is a little more <a target="_blank" href="https://www.businessinsider.com/what-it-costs-to-open-a-chick-fil-a-2016-1">than what a single McDonald's franchise</a> makes in a year, and it lost $58 million the same year. When the stock was near its highs, it was trading at something like 2,000 times the company's annual revenue. That is a lot. Nvidia, the high-flying vanguard of the artificial-intelligence revolution and one of the hottest stocks this year, is trading at about 35 times its revenue.Besides required financial information, Trump's media outfit won't disclose central data points that would give a better picture of how well it is — or, likely, isn't — doing. <a target="_blank" href="https://www.businessinsider.com/trump-media-truth-social-users-disclose-financials-djt-2024-4">As my colleague Peter Kafka has pointed out</a>, TMTG refuses to tell investors how many people are signing up for Truth Social, whether they're sticking with the platform, or what's happening in ad sales. In regulatory filings, the company says it "believes that adhering to traditional key performance indicators, such as signups, average revenue per user, ad impressions and pricing, or active user accounts including monthly and daily active users, could potentially divert its focus from strategic evaluation with respect to the progress and growth of its business." In other words, it doesn't think publicly disclosing how things are going will be good for its business prospects, which, I mean, tracks to the extent that the truth is probably bad. (To be clear, other publicly traded social-media companies, such as Reddit and Meta, do not keep a lot of this kind of information under wraps.)For all the gloominess now, Trump's media company says it has bigger and brighter days ahead. On Tuesday, TMTG <a target="_blank" href="https://markets.businessinsider.com/news/stocks/truth-social-to-launch-streaming-platform-1033252830">announced</a> that it planned to launch a streaming-TV platform where creators who can't find an audience for "unjust" reasons "won't be cancelled." The same day, its stock price fell by 14%, though the next day it bounced.TMTG isn't going under tomorrow. Its CEO, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/5-things-you-might-not-know-about-devin-nunes-ceo-of-trump-media-technology-group-1031036814">Devin Nunes</a> — yes, <a target="_blank" href="https://www.businessinsider.com/judge-dismisses-devin-nunes-cow-lawsuit-against-twitter-parody-accounts-2020-6">that Devin Nunes</a>, the former US representative from California — has said it has millions of dollars in the bank thanks to the boost from going public. He's also trying to push back against short sellers in an attempt to keep those betting against the company at bay.All in all, for shareholders, this is not a fun roller-coaster ride. The stock is on a steady downward trajectory, and things aren't looking good. The <a target="_blank" href="https://www.businessinsider.com/donald-trump-tmtg-meme-stock-crash-truth-social-election-wealth-2024-4">company has filed plans to issue more shares</a>, which would raise even more cash for operations but dilute the value for current shareholders. Trump himself, who owns more than half of the company's shares, is subject to a lockup period that prevents him from selling those shares for six months. This is pretty standard practice for SPACs to prevent pump-and-dumps. The board could speed that up and let him and other insiders sell earlier, which would give the former president a quick cash injection but almost certainly depress the stock's price more. Why hold on to the stock when even its namesake is giving it up? So DJT will likely circle the drain even faster once major shareholders are allowed to sell, and it's not really clear how the company plans to turn that around. Trump, for his part, has some bigger fish to fry, like competing in an election and <a target="_blank" href="https://www.businessinsider.com/donald-trump-court-trial-falling-asleep-stay-awake-i-relate-2024-4">hanging out in court</a>.That TMTG's stock price has fallen isn't surprising. It's not a successful business, and it's not clear how many people are ever going to want to hang out on Truth Social, let alone how many businesses would want to advertise there. The speed of the stock's plunge, however, is a bit of a shock. It wasn't a given that the gravity of reality would be such a strong, immediate force. But for now, the Trump Media &amp; Technology Group illusion seems to be coming undone.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Trump's stock bust came even quicker than I expected

Mumbai, <keyword id="19896379" type="General" weightage="20" keywordseo="benchmark" source="keywords">Benchmark</keyword> stock indices <keyword id="19896382" type="General" weightage="20" keywordseo="sensex" source="keywords">Sensex</keyword> and <keyword id="19896381" type="General" weightage="20" keywordseo="nifty" source="keywords">Nifty</keyword> closed with gains on Thursday in a highly volatile trade amid the scheduled monthly expiry of derivative contracts. The 30-share BSE Sensex rebounded 195.42 points or 0.27 per cent to settle at 72,500.30. During the day, the benchmark oscillated between a high of 72,730.00 and a low of 72,099.32. The broader Nifty of NSE gained 31.65 points or 0.14 per cent to close at 21,982.80. Among Sensex shares, IndusInd Bank, Mahindra &amp; Mahindra, HCL Tech, Power Grid, Maruti, State Bank of India, Titan, Asian Paints, Nestle and UltraTech Cement were the major gainers. Reliance Industries closed more than half a per cent higher after the company announced a proposed merger of media and entertainment assets of Viacom18 with Star India. Hindustan Unilever, Bharti Airtel, Tata Motors, ITC, Tech Mahindra and Axis Bank were among the laggards. In Asian markets, Seoul, Tokyo and Hong Kong settled lower while Shanghai ended in the green. European markets were trading mostly in the green. The US markets ended marginally lower on Wednesday. "Domestic benchmark traded near a flat-line trend throughout the session, but some buoyancy emerged by the end of the day. Investors adopted a cautious wait &amp; watch approach on the verge of a heavy economic data week," said <keyword id="19969359" type="General" weightage="20" keywordseo="vinod-nair" source="keywords">Vinod Nair</keyword>, Head of Research at Geojit Financial Services. Foreign institutional investors (FIIs) offloaded equities worth Rs 1,879.23 crore on Wednesday, according to exchange data. "Markets traded volatile on the monthly expiry day but managed to end marginally higher," said <keyword id="19899971" type="General" weightage="20" keywordseo="ajit-mishra" source="keywords">Ajit Mishra</keyword>, SVP - Technical Research, Religare Broking Ltd. The BSE benchmark fell by 790.34 points or 1.08 per cent to settle at 72,304.88 on Wednesday. The Nifty slumped 247.20 points or 1.11 per cent to settle at 21,951.15. Global oil benchmark Brent crude declined 0.43 per cent to USD 83.32 a barrel. SEE ALSO:<a href="https://www.businessinsider.in/tech/mobile/news/oppo-f25-pro-with-a-32mp-selfie-camera-launched-starting-at-23999/articleshow/108102680.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/oppo-f25-pro-with-a-32mp-selfie-camera-launched-starting-at-23999/articleshow/108102680.cms" target="_blank">Oppo F25 Pro with a 32MP selfie camera launched starting at ₹23,999</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-march-2024/slidelist/108095936.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-launching-in-india-in-march-2024/slidelist/108095936.cms" target="_blank">Upcoming cars launching in India in March 2024</a><a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-march-2024/slidelist/108090741.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/webstories/upcoming-smartphones-launching-in-india-in-march-2024/slidelist/108090741.cms" target="_blank">Upcoming smartphones launching in India in March 2024</a>

Sensex, Nifty close higher in volatile trade; RIL gains after mega-merger deal

New Delhi, Walt <keyword id="19899232" type="General" weightage="20" keywordseo="disney" source="keywords">Disney</keyword> CEO <keyword id="20023956" type="General" weightage="20" keywordseo="bob-iger" source="keywords">Bob Iger</keyword> has said a joint venture with <keyword id="19936674" type="General" weightage="20" keywordseo="reliance" source="keywords">Reliance</keyword> Industries after merging its <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> business would benefit the company in terms of profit and also "derisk" its business in the Indian market. The merger deal will create a big entity and help it to stay in the market at a "significant level", said Iger at a Morgan Stanley investor conference earlier this week. "We had an opportunity to align with Reliance, which is obviously the company that has done very well there and one that we respect. And in doing so, end up owning part of a bigger media company. And we believe that, that not only should benefit us in terms of the bottom-line, but derisk us as well there," he said. Last month, Walt Disney Co. and Reliance Industries announced signing of binding pacts to merge their media operations in India. Under the deal, Reliance and its affiliates will hold 63.16 per cent and Disney will have 36.84 per cent in the JV, which will create India's leading media company that will house two streaming services and around 120 television channels. "We wanted to stay in India. We made a big investment in India when we purchased the assets of 21st Century Fox. We are one of the biggest media companies in India. But even though it is the most populous country in the world, we felt we want to be there because of that, we also know that there are challenges in that market," he said. Iger said, the merger will create a big entity and help it to stay in the market at a "significant level". "So, it's kind of the best of both worlds. We stay in the market at a significant level. We have a very good partner in Reliance, and we get to have a chance of growing a business and lowering the risk of doing so," he added. The transaction values the joint venture at Rs 70,352 crore (USD 8.5 billion) on a post-money basis, excluding synergies. Billionaire Mukesh Ambani-led Reliance has also agreed to invest at closing Rs 11,500 crore into the joint venture to give it the muscle to fight rivals such as Japan's Sony, and Netflix. Its OTT platform Disney + Hotstar has seen its paid subscriber base decline from around 55 million to 40 million in the first quarter of FY24 because of Reliance's <keyword id="19985346" type="General" weightage="20" keywordseo="jio-cinema" source="keywords">Jio Cinema</keyword> winning exclusive rights for live sports. The combined entity will have the largest OTT subscriber base. Disney + Hotstar was launched in India in 2020, post the acquisition of the entertainment assets of 21st Century Fox at a valuation of USD 71.3 billion, thereby taking over the operations of Star India and Hotstar. It housed entertainment and cinema channels such as StarPlus and StarGold as well as sports channels like Star Sports. While Disney + Hotstar rapidly increased its subscriber base initially with the streaming rights of cricket matches (IPL, World Cup), it lost the bid for the digital streaming rights in 2023-27 cycle, which was won by Reliance-backed Viacom18 for USD 720 billion, 12.92 per cent higher than what Star India had paid on an average per match value. Media ventures of Reliance are currently housed in Network 18, which owns TV18 news channels as well as a plethora of entertainment (under the 'Colors' brand) and sports channels. NW18 also has stakes in moneycontrol.com, bookmyshow and publishes magazines. NW18 owns news channels CNBC/CNNNews. Reliance separately owns a movie production arm - JioStudios, and majority stakes in two listed cable distribution companies, Den and <keyword id="20777796" type="General" weightage="20" keywordseo="hathway" source="keywords">Hathway</keyword>. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-february-2024/slidelist/108323754.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/top-selling-cars-in-india-in-february-2024/slidelist/108323754.cms" target="_blank">Top selling cars in India in February 2024</a><a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-and-xiaomi-14-ultra-with-snapdragon-8-gen-3-launched-in-india/articleshow/108304169.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-14-and-xiaomi-14-ultra-with-snapdragon-8-gen-3-launched-in-india/articleshow/108304169.cms" target="_blank">Xiaomi 14 and Xiaomi 14 Ultra with Snapdragon 8 Gen 3 launched in India</a><a href="https://www.businessinsider.in/business/auto/news/retail-auto-sales-grow-by-13-in-february-but-elevated-inventory-levels-a-concern/articleshow/108289901.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/retail-auto-sales-grow-by-13-in-february-but-elevated-inventory-levels-a-concern/articleshow/108289901.cms" target="_blank">Retail auto sales grow by 13% in February, but elevated inventory levels a concern</a>

Merger with Reliance would boost company's profits and reduce risk in India: Disney CEO Bob Iger

<ul class="summary-list"><li>It's well known that Trump Media stock trades at a premium valuation, but one chart shows just how absurd it is.</li><li>Trump Media is the parent company of Donald Trump's Truth Social, which went public in March.</li></ul>A lot <a href="https://www.businessinsider.com/trump-media-djt-stock-price-crash-spac-lockup-sell-shares-2024-4">has been written</a> about <a href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media and Technology Group's</a> premium valuation, but one chart really helps put it into perspective.Trump Media is the parent company of Truth Social, which went public in March via a SPAC merger.The social media company, founded by former President Donald Trump, has a market valuation of nearly $7 billion.In terms of actual business operations, Trump Media disclosed that it lost $58 million on about $4 million in revenue in 2023.Those losses mean you can't use the traditional price-to-earnings ratio to value the company and compare it to its peers, because it isn't yet profitable. You can, however, value the company on a price-to-sales basis, which at 1,590x is in the stratosphere. For comparison's sake, <a href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a>, <a href="https://markets.businessinsider.com/stocks/pins-stock">Pinterest</a>, <a href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a>, and <a href="https://markets.businessinsider.com/stocks/rddt-stock">Reddit</a> trade at an average price-to-sales ratio of 8.3 times.Another way to value the profitless Trump Media is to compare its current market valuation to its monthly active user base.That's exactly what <a href="https://markets.businessinsider.com/stocks/jpm-stock">JPMorgan's</a> Michael Cembalest did, building the chart below in a note to clients late last month. The chart divides the market value of social media companies by the number of monthly active users on its platform."Alex W from MSNBC asked me what I think of Truth Social's valuation. My response:," Cembalest wrote, followed up with the chart below.<div type="image" title="Social media" height="438" width="679" msid="109956173" hostid="261" sizebytes="27998"></div>Based on <a href="https://www.businessinsider.com/trumps-social-media-company-valued-5-billion-merger-2024-3">estimates that Truth Social has 5 million monthly active users,</a> the stock market assigned a value of $890 per Truth Social user in late April.Since <a href="https://markets.businessinsider.com/news/stocks/trump-media-djt-stock-price-short-sellers-squeeze-share-recall-2024-4">Trump Media's recent stock surge,</a>that valuation has surged to $1,309 per Truth Social user, and at its peak in March, each Truth Social user was worth $1,794.That's more than double TikTok's $588 value per user, more than triple Meta's $408 value per user, and more than 10x the value assigned to the monthly active users of Pinterest, Snapchat, and Reddit. So, why the premium valuation?According to Interactive Brokers' market strategist Steve Sosnick, it has to do with the fact that millions of Americans have <a href="https://markets.businessinsider.com/news/stocks/find-identify-next-meme-stocks-criteria-characteristics-comeback-short-interest-2024-3?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_TEST%204%20%E2%80%94%20Hallam,%201%20April">a "quasi-religious fervor" for Donald Trump.</a>"I have always believed that the company's most devoted investors viewed it as a call option on the MAGA movement, which of course has its own highly devoted proponents. It is hardly unreasonable to expect that many of those devotees would vote for their preferred candidate with their wallets," Sosnick said in March.

You Searched For "media merger" and got 12 results

Reliance expects to complete merger with Disney's India business in Q3

PTI

Zee and Sony amicably settle disputes over their failed merger, withdraw claims

PTI

Investors accuse the ex-CEO of the company that helped take Trump Media public of stiffing them out of millions of shares

Natalie Musumeci

Warner Bros Discovery (basically) admits its merger didn't work

Peter Kafka

Trump Media insiders sell nearly 11 million shares after lock-up period expires

Filip De Mott

Former 'apprentices' and Trump Media cofounders file lawsuit claiming company execs tried to dilute their stake ahead of a potential merger

Alia Shoaib

Trump Media stock is trading near record lows as Kamala Harris reshuffles election odds

Filip De Mott

RIL shares climb nearly 1% after announcing mega merger

PTI

Trump's stock bust came even quicker than I expected

Emily Stewart

Sensex, Nifty close higher in volatile trade; RIL gains after mega-merger deal

PTI

Merger with Reliance would boost company's profits and reduce risk in India: Disney CEO Bob Iger

PTI

This chart shows just how absurd Trump Media's valuation is

Matthew Fox

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