Team Blitz India
NEW DELHI: Walt Disney Co. and Reliance Industries Ltd. have signed a binding pact to merge their media operations in India, according to people familiar with the matter, as the US entertainment giant recasts its strategy amid intense competition in the world’s most-populous country.
The media unit of Reliance, controlled by billionaire Mukesh Ambani, and its affiliates are expected to own at least 61% in the merged entity, with Disney holding the rest, the people in knowledge said, asking not to be identified as the information is not public.
The latest milestone, along with other details, are likely to be announced early this week, the people said.
A Disney representative declined to comment. A Reliance spokesperson didn’t immediately respond to a query on the signing of the binding pact.
The stake split between the partners may change, depending on how Disney’s other local assets are factored in by the time the deal is closed, the people said.
