Reliance signs non-binding pact with Walt Disney for merger of India business: Media report
The Hindu
RIL & Disney-Star to merge, creating one of the largest media & entertainment entities in India worth $10 billion.
The 51:49 cash and stock deal in favour of Reliance Industries was signed in London last week, according to the media report.
Due diligence and valuation may begin soon and the deal could be finalised to "complete all commercial ratifications and regulatory approvals by February, even though RIL is keen to wrap up by January-end," the report said.
Comments from RIL could not be obtained as the mailed query remained unanswered.
When contacted, a spokesperson of Disney-Star declined to comment.
If completed, this would be the biggest merger deal in the media & entertainment sector, creating one of the largest entities having over 100 channels and two leading OTT platforms.
The merged entity would compete with leading media houses such as Zee Entertainment and Sony Pictures, which are in the midst of a merger deal themselves, and other rival OTT platforms such as Netflix and Amazon Prime.
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