Updated February 25th, 2024 at 20:54 IST

Disney and Reliance ink deal for media operations merger in India: Report

The announcement comes after the $10-billion Zee-Sony merger fell apart last month

Reported by: Business Desk
Jio Cinema and Disney+ Hotstar | Image:Republic
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Merger in works: Reliance Industries and Walt Disney have agreed upon binding terms for the merger of their media operations in India, as per Bloomberg.

Quoting people familiar with the matter, the report said Mukesh Ambani-led Reliance Industries will likely have a 61 per cent stake in the merged entity.

Disney, meanwhile is conducting a reassessment of its India strategy amid intense competition in the media space.

There was no comment from either Disney or Reliance on reports of the merger agreement, the nature of which is said to be binding.

The share distribution is also likely to be altered based on Disney including its additional local assets at the time of the deal being finalised, as per the report.

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In other developments, Reliance Industries is pondering over the acquisition of Tata Play, Disney holding a minority stake in the broadcast service provider.

It was earlier reported that Disney had agreed to sell 60 per per cent of its Indian business to Viacom18.

Amid the collapse of the Zee-Sony merger earlier this year, the deal is seen as in the Indian media and entertainment.

Disney has agreed upon selling 60 per cent of its India business to Viacom 18 at a valuation of $3.9 billion (Rs 33,000 crore). 
Viacom18 is owned by Reliance Industries Limited (RIL) Chairman Mukesh Ambani.

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Reliance in October last year was evaluating Disney's India assets, which include the Disney+ Hotstar streaming service and Star India, which are valued between $7 billion to $8 billion. 

Disney valued these operations at $10 billion in the same period. 

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Published February 25th, 2024 at 20:54 IST