Reliance Industries Limited and Walt Disney Company have officially signed a binding agreement to merge their media businesses in India. This sets the stage for establishing an $8.5 billion (Rs 70,352 crore) media and entertainment powerhouse, surpassing any other entity in the industry.
Mukesh Ambani‘s Reliance will pour in $1.4 billion into this merger and hold around 63% stake in the joint venture while Disney owns the rest, the companies said in a joint statement.
“Post completion of the above steps, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18, and 36.84% by Disney,” according to the joint announcement by RIL and Disney. Nita Ambani will assume the role of Chairperson of the merged entity, with former Walt Disney executive Uday Shankar, joining as Vice Chairperson.
The JV will be one of the leading TV and digital streaming platforms for entertainment and sports content in India, bringing together iconic media assets across entertainment,” the companies said in a joint statement.
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