Disney, Reliance Seal $8.5 Billion Deal to Merge Indian Media Businesses
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variety.comWalt Disney Company and billionaire Mukesh Ambani’s Reliance Industries have merged their massive Indian TV and streaming businesses, ending months of speculation.
As per the agreement, Reliance’s Viacom18 is merging with Disney’s Star India. The deal is estimated to be worth $8.5 billion on a ‘post-money basis,’ the companies said.
Reliance Industries will own 16.3% of the merged entity, Viacom18 will own 46.8% and Disney 36.8%. The Reliance duo will invest $1.4 billion into the joint venture and Nita Ambani will serve as chair of the merged entity.
Former Disney India chair Uday Shankar is set as vice chair and strategic advisor. (Bodhi Tree, a company controlled by Shankar and James Murdoch, owns 15.97% of Viacom18.
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