Business news : Merger of Walt Disney and Reliance Media announced, Nita Ambani will be the chairperson

The media operations of Walt Disney and Reliance Industries in India have merged. According to the statement, under this deal, Reliance will invest Rs 11,500 crore in the entity formed by the merger of the two companies. Walt Disney Co and Reliance Industries on Wednesday announced the merger of their media operations in India to create a mega company worth Rs 70,000 crore. Disney and Reliance will sign a binding agreement in this regard. Reliance will have 63.16 percent stake in this company. Whereas Disney will get 36.84 percent stake. Nita Ambani will be the chairperson of the joint venture formed by the media operations of both the companies. Uday Shankar will be the vice president of this new company.

The deal will create India’s largest entertainment empire.
Reliance operates several TV channels, Jio streaming app through its media and entertainment unit Viacom 18. Walt Disney’s venture in India is Disney India, under which Star India also comes. Which owns channels like Colors, Star Plus, Star Gold, Star Sports. The merger of Reliance Industries’ media operations and Walt Disney will create one of India’s largest entertainment empires, competing with the likes of Zee Entertainment and Sony’s joint venture and streaming giants like Netflix and Amazon Prime.