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Reliance Jio acquires Saavn, creates $1-billion music entity

Reliance Jio acquires Saavn, creates $1-billion music entity

Reliance Industries (RIL) on Friday announced a strategic merger of its digital music service JioMusic with music over-the-top platform Saavn which will see RIL acquiring a 75-80 per cent stake in the merged entity. The company said that the combined entity is valued at over $1 billion, with JioMusic’s implied valuation at $670 million. “The […]