BURBANK (dpa-AFX) - The Walt Disney Company (DIS) and Reliance Industries entered into a binding agreement to merge their media operations in India, according to a report by Bloomberg.
The report further stated that at least 61 percent stake of the merged entity would be held by Reliance's media firm with an investment of $1.5 billion, while the rest would be held by Disney. However, the distribution of shares would be affected by the inclusion of the American company's local assets at the final stage of the deal.
The merger comes after an intense battle between the two entertainment giants for the past few years. In 2022, Reliance won the streaming rights of the Indian Premier League or IPL cricket tournament, outpacing Disney. Reliance also successfully pulled off a deal with Warner Bros Discovery Inc. (WBD) to broadcast HBO shows, which were earlier under the purview of Disney.
If the deal goes through, it would create India's largest media empire, with around 40 percent market share in the country, Forbes reports.
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