Disney, Reliance Ink $8.5 Bln Deal To Merge Media Operations In India

(RTTNews) - On Wednesday, Walt Disney Company (DIS) and India's Reliance Industries Ltd. (RELIANCE, 500325) finalized a $8.5 billion deal on a post-money basis to merge their respective digital streaming and television assets in India.

Under the agreement, Viacom18 would be merged into Star India Private Ltd., creating a base of more than 750 million viewers across India.

The merged entity owned 16.34 percent by Reliance, 46.82 percent by Viacom18, and 36.84 percent by Disney, would have exclusive rights to distribute Disney films and productions in India.

Mr. Bob Iger, CEO of The Walt Disney Company said, "Reliance has a deep understanding of the Indian market and consumer, and together we will create one of the country's leading media companies, allowing us to better serve consumers with a broad portfolio of digital services and entertainment and sports content."

The transaction is expected to be completed in the last quarter of 2024 or the first quarter of 2025.