Reliance’s Jio Music & Saavn to merge

Reliance Industries has struck a deal to merge its digital platform, Jio Music with New York based outlet, Saavn.

The deal valued at $1 billion, will see Reliance acquire a partial stake from Saavn’s existing investors Tiger Global, Liberty Media and Bertelsmann, at an investment of $104 million. Saavn co-founders Rishi Malhotra, Paramdeep Singh, and Vinodh Bhat will continue to lead the new entity.

A statement from the company said, “The combined entity is valued at over $1 billion, with JioMusic’s implied valuation at $670 million.”

“The integrated business will be developed into a media platform of the future with global reach, cross-border original content, an independent artist marketplace, consolidated data and one of the largest mobile advertising mediums,” the statement said.

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