Walt Disney Co and Reliance Industries announced on Wednesday the signing of binding agreements to merge their media operations in India, aiming to create a colossal entity valued at Rs 70,000 crore.
Under the terms of the deal, Reliance and its affiliates will hold a majority stake of 63.16 percent in the combined entity, with Disney retaining the remaining 36.84 percent, as stated in a joint statement released by the companies.
In addition to the merger, Reliance has committed to injecting approximately Rs 11,500 crore into the joint venture, primarily aimed at bolstering the growth of the OTT (over-the-top) business segment.
Nita Ambani, spouse of Reliance Industries chairman Mukesh Ambani, is slated to lead the joint venture as its head, while Uday Shankar will assume the role of vice chairperson.
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