Walt Disney Co and Reliance Industries Ltd have signed a binding pact to merge their media operations in India, people familiar with the matter said, 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 percent in the merged entity, with Disney holding the rest, the people said.
The latest milestone and other details are likely to be announced early this week, the people said.
Photo: Reuters
The stake split between the partners might change, depending on how Disney’s other local assets are factored in by the time the deal is closed, the people said.
Disney owns a minority stake in broadcast service provider, Tata Play Ltd, which Reliance might consider acquiring, local news reports said.
Disney has been grappling with challenges in India, such as retaining subscribers and securing coveted media assets, while Reliance has cornered a larger slice of the local media and entertainment businesses in recent years.
Together, they would make a formidable media behemoth in one of the world’s fastest-growing entertainment markets.
Ambani’s unit had outbid Disney in 2022 to win the streaming rights for the Indian Premier League (IPL) cricket tournament and in April last year bagged a multiyear pact to broadcast Warner Bros Discovery Inc’s HBO shows, which were earlier with Disney.
While Disney’s streaming service, Disney+ Hotstar, managed to draw record viewers for the Cricket World Cup in October and November last year, it showed the matches for free in the cricket-crazy nation — a move aimed at clawing back subscribers even if it meant sacrificing revenue.
Reliance had streamed IPL matches earlier last year without any charge, drawing viewers in hordes.
This transaction is part of the larger consolidation efforts in the Indian media and entertainment space. Sony Group Corp planned to merge its local unit with Zee Entertainment Enterprises Ltd until differences cropped up on who would lead the newly merged media giant that ultimately gutted the deal last month.
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