Disney and Reliance Industries have merged their Indian media operations to create a Rs 70,000 crore behemoth. Reliance will hold a majority stake in the joint venture.
Photograph: Reuters
New Delhi, Feb 28 (PTI) Walt Disney Co and Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth.
Reliance and its affiliates will hold 63.16 per cent in the combined entity while Disney will hold the remaining 36.84 per cent, the companies said in a statement.
Reliance has also agreed to invest around Rs 11,500 crore in the joint venture to grow the OTT business.
Nita Ambani, wife of Reliance Industries chairman Mukesh Ambani, will head the joint venture while Uday Shankar will be the vice chairperson.
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