India News | Disney, Reliance to Merge India Media Operations to Create Rs 70,000 Cr Behemoth

New Delhi, Feb 28 (PTI) Walt Disney Co and Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth.

Reliance and its affiliates will hold 63.16 per cent in the combined entity while Disney will hold the remaining 36.84 per cent, the companies said in a statement.

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Reliance has also agreed to invest around Rs 11,500 crore in the joint venture to grow the OTT business.

Nita Ambani, wife of Reliance Industries chairman Mukesh Ambani, will head the joint venture while Uday Shankar will be the vice chairperson.

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(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)