Reliance Acquires Saavn Music App for $104 Million+Stock Deal
Reliance Industries, the Indian conglomerate in oil-to-telecom sector bought a stake in Indian music streaming service called Saavn and decided to merge the company with its JioMusic app and thus create a new unit that is reported said to be valued at $1 billion. Reliance will also have to buy a stake from Saavn’s current shareholders for $104 million.
Reliance’s plan is to invest over $100 million, $20 million of it upfront for the expansion of JioMusic-Saavn merge, according to a joint statement issued by both companies.
Saavn’s current investors include Tiger Global Management, Liberty Media and Bertelsmann and all of them will keep a holding in the new music services.
Reliance, owned by India’s wealthiest person Mukesh Ambani did not reveal the amount of stakes it holds in the...