The mega media merger between Reliance Industries and Walt Disney is likely to be announced today, a Reuters report said. According to the report, not Mukesh Ambani but his wife Nita Ambani is set to head the merged entity. While the much-anticipated official announcement can be made on Wednesday, both RIL and Disney remain tight-lipped on the matter.
At present, Nita Ambani is the head of the Reliance Foundation. The buzz around Nita Ambani chairing the India operations of RIL-Disney merged entity comes months after she had stepped down from the RIL board. At that time, it was said that Nita Ambani will focus more on charity work as part of the Reliance Foundation operations. According to an Economic Times report, Bodhi Tree promoter Uday Shankar is likely to be appointed as the vice chairperson of the merged entity.
Apart from Reliance Foundations, Nita Ambani is also the founder of Mumbai-based Nita Mukesh Ambani Cultural Centre. Ever since its launch, the NMACC has become the hub of all major cultural events held in India’s financial capital.
Between Disney and Reliance, there are over 100 TV channels and streaming platforms. The mega deal will change the game and fortify RIL’s presence in India’s media market, which has been pegged at $28 billion.
As per the Bloomberg report, the binding agreement terms indicate that Reliance’s media unit is expected to possess at least 61% of the combined corporate entity, with the remaining portion held by Disney. Valued at approximately Rs 33,000 crore, Disney has agreed to divest its 61% stake in its Indian media operations to RIL’s Viacom 18, according to the report.