Reliance Industries has agreed to merge its digital music platform, JioMusic, with streaming service Saavn, investing up to $100m in the combined business.
Saavn, a India-based music streaming service backed by media groups Bertelsmann and Liberty Media, agreed to a merger with JioMusic, the digital music subsidiary of conglomerate Reliance Industries, on Friday.
Reliance will invest up to $100m in Saavn as part of the agreement, providing $20m upfront to support international growth and expansion efforts for the merged platform, which is valued at more than $1bn in the deal, with Saavn valued at approximately $330m.
The corporate will also purchase a total…
