Key Points
New Delhi: Indias top conglomerate Reliance Industries and Walt Disney on Wednesday announced the merger of their India TV and streaming media assets, creating an $8.5 billion entertainment juggernaut far ahead of rivals in the worlds most populous nation...
Reliance, led by Asias richest man Mukesh Ambani, will infuse $1.4 billion in the merged entity, with the company and its affiliates holding a more than 63% stake..
The merger valued the India business of the Burbank-based entertainment giant at just around a quarter of the $15 billion it was valued at when Disney acquired it as part of its Fox deal in 2019, sources have said.. Reliance said Nita Ambani, wife of Reliance boss Mukesh Ambani, would chair the board of combined entity, and former top Disney executive Uday Shankar would serve as vice chair...
Together, the Reliance-Disney merged entity will have 120 TV channels and two streaming platforms, helping Ambani emerge as a bigger, formidable force against rivals such as Japans Sony, Indias Zee Entertainment and Netflix in the $28 billion media and entertainment sector...
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