Disney, Reliance to merge India media operations to create Rs 70,000 cr behemoth

New Delhi: Walt Disney Co and Reliance Industries on Wednesday announced the 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 percent of the combined entity while Disney will hold the remaining 36.84 percent, the companies said in a statement. 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