look news india
New Delhi, 28 February (Hindustan Reporter). The Walt Disney Company and Reliance Industries Limited have announced the merger of their media operations in India. Disney and Reliance will sign a binding agreement in this regard.
Reliance Industries Limited said in a filing to the stock exchanges on Wednesday that the company has entered into a binding agreement with Walt Disney Company for the merger of its media operations in India. According to Reliance, under the agreement, it will invest Rs 11,500 crore in the entity formed by the merger of the two companies. The JV will be valued at Rs 70,352 crore on a post-money basis, excluding synergy in the transaction.
The total value of the joint venture formed by the merger of Reliance and Disney Media is estimated at Rs 10,352 crore. Reliance will have 63.16 percent stake in this company. Whereas Disney will get 36.84 percent stake. Nita Ambani will be the chairperson of the joint venture formed by the media operations of both the companies. Whereas, Uday Shankar will be the vice chairperson of this company.
It is noteworthy that The Walt Disney Company is the world's largest media and entertainment group in terms of revenue. At the same time, the media business of Reliance Industries Limited, led by the country's richest billionaire Mukesh Ambani, operates Viacom-18 and other groups.