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Reliance Industries Limited and Walt Disney Co. will likely finalize a deal to merge their Indian media operations, according to reports from Bloomberg and other sources. The non-binding agreement is expected to be signed as early as next week.
The proposed merger is said to be structured as a cash-and-stock arrangement, with Reliance, led by billionaire Mukesh Ambani, securing a substantial 51% stake in the newly merged entity. Meanwhile, Disney will retain the remaining stake, solidifying a partnership between two industry giants.
Meanwhile, according to some media outlets, Reliance’s Viacom 18 will absorb Disney’s Star India through a share swap deal, which will be announced in January.
Previous media reports have hinted at Disney looking to sell its digital and TV business in India. Reliance’s name has been in the news as a potential buyer as well.
The negotiations indicate a valuation of Disney’s India assets, which include the popular Disney+ Hotstar streaming service and Star India, within the range of $7 billion to $8 billion. Disney’s Indian operations are reportedly valued at $10 billion.
The merged entity will offer a wider range of programming and stiffer competition than the other streaming services operating in India.
Neither Disney nor Reliance has issued official comments on the reported merger thus far.
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