Reliance and Disney Merge - Here’s What You Need to Know
A legally binding deal to combine reliance Industries Limited and Walt Disney Company's media companies in india has been struck. This paves the way for the establishment of an industry-leading media and entertainment behemoth valued at $8.5 billion (about Rs 70,352 crore), exceeding all other entities. According to a joint statement from the two firms, Disney will own the remaining 63% of the joint venture after mukesh Ambani's reliance invests $1.4 billion in the transaction.
The joint release from RIL and Disney stated that "after the above steps are completed, the JV will be controlled by RIL and owned 16.34% by RIL, 46.82% by Viacom18, and 36.84% by Disney." The combined company will be led by Nita Ambani, with uday Shankar, a former Walt Disney executive, serving as vice chairman.
The firms announced in a joint statement that "the JV will bring together iconic media assets across entertainment and be one of the leading tv and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital streaming platforms for entertainment and sports content in India." reliance shares were trading 1.16 per cent higher at Rs 2,942.80 on the bombay Stock Exchange (BSE) at around 10:23 am. The mukesh Ambani-led conglomerate was the top gainer on the stock exchanges as well.