RIL and Disney sign binding pact to merge operations in India: Report

Reliance Industries and Walt Disney have signed a binding pact to merge their media operations in India, as per a Bloomberg report. Reliance and its affiliates are expected to own at least 61% in the merged entity, while Disney holds the rest. The deal is likely to be announced early this week.

Earlier this month, there were reports about Disney had agreed to sell 60 per per cent of its Indian business to Viacom18 at a valuation of $3.9 billion (Rs 33,000 crore). Viacom18 is owned by Reliance Industries Limited (RIL).

As per reports, the deal involves establishing a subsidiary under RIL's Viacom18 to facilitate the incorporation of Star India through a stock exchange arrangement. The distribution of stakes among the parties could fluctuate based on the inclusion of Disney's additional local assets at the time of finalising the deal. The deal holds significant value in the Indian media and entertainment industry after the Zee-Sony merger collapsed last month.