Reliance JioMusic, Saavn to merge; inks $1 billion deal to create digital music

Reading Time: 3 minutes Post Views: 3,785 Reliance Industries Limited signed definitive agreements to combine music-streaming business Saavn, with its own digital music service, JioMusic. The deal will combine the streaming media expertise of Saavn with the connectivity and digital ecosystem of Jio, to tap a “billion users in India and globally,” the companies said in the official statement. The combined entity is valued at over USD 1 billion, with JioMusic’s implied valuation pegged at USD 670 million. In addition, Jio will invest an additional USD 100 million towards making the combined platform one…

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