Mukesh Ambani’s RIL and Disney sign ‘non-binding pact’ for mega media merger: Report

Mukesh Ambani-led Reliance Industries and Walt Disney have signed a non-binding pact that will pave way for merger of their Indian media businesses, latest media reports say. A Reuters report quoting ET said that mega merger is believed to be completed by February 2024. The report also said that the merger would give more control to RIL because under the yet-to-be-formally announced deal, while Ambani’s company, which is India’s most valuable corporate entity will hold 51 per cent shares, the rest of the 49 per cent shares will be owned by Disney. The merger would be via combination of both cash and stocks.

Earlier this month, Reuters had reported that the officials of both RIL and Disney had held discussions in London for the next phase of the mega media merger. As and when this merger actualizes, it would create India’s largest media entertainment behemoth. This would directly compete with Zee-Sony, Amazon Prime as Netflix. At present, RIL is running several streaming apps and TV channels via its entertainment arm Viacom18.