Reliance nears deal to acquire Disney's India business, says Bloomberg

Reliance is nearing a cash and stock deal to acquire Disney’s India business as reported by Bloomberg News, in conversation with people related to the matter.

Mukesh Ambani-owned Reliance Industries has seen its streaming platform Jio Cinema's success impact the U.S. company's business as well.

Disney may sell a controlling stake with around $10 billion asset value, as opposed to piecemeal transactions weighed earlier. Reliance considers it to be $7 billion to $8 billion, the report said. 

JioCinema is exerting additional pressure on Disney's streaming operations in India. Ambani is promoting his platform by providing free access to the Indian Premier League cricket tournament, whose digital rights were previously held by Disney.

No final decision has been officially announced on the deal or the valuation and Disney could still decide to hold onto the assets.