28 C
Wednesday, July 24, 2024

Reliance, Walt Disney announce merger, Nita Ambani to head enterprise

- Advertisement -
- Advertisement -

HT Digital,

Mumbai, Feb 28: Reliance Industries Limited and Walt Disney Company have inked a binding agreement to consolidate their media operations in India, paving way for a media and entertainment giant worth $8.5 billion (Rs 70,352 crore), which is unmatched in the industry.

- Advertisement -

Nita Ambani, Mukesh Ambani’s spouse, will chair the merged entity, while Uday Shankar will be the vice chairperson, as per a joint statement from the companies.

The agreement also stipulates the merger of Viacom18’s media division into Star India Private Limited via a court-sanctioned arrangement, thereby amalgamating the operations of Viacom18 and Star India.

The merger of Reliance Industries Limited (RIL) with Viacom18 and Disney has been completed. Post-merger, RIL will predominantly control the joint venture (JV), with a 46.82 per cent stake, while Viacom18 and Disney will hold 36.84 per cent.

This arrangement translates to Reliance and its affiliates collectively holding over 60 per cent stake in the company, giving them majority control.

- Advertisement -

Reliance has committed an investment of Rs 11,500 crore in the JV. In addition to this, Disney may also infuse certain additional media assets into the JV, subject to regulatory and third-party approvals.

- Advertisement -
The Hills Times
The Hills Timeshttps://thehillstimes.in/
Welcome to The Hills Times, your trusted source for daily news and updates in English from the heart of Assam, India. Since our establishment in 2000, we've been dedicated to providing timely and accurate information to our readers in Diphu and Guwahati. As the first English newspaper in the then undemarcated Karbi Anglong district, we've forged a strong connection with diverse communities and age groups, earning a reputation for being a reliable source of news and insights. In addition to our print edition, we keep pace with the digital age through our website, https://thehillstimes.in, where we diligently update our readers with the latest happenings day by day. Whether it's local events, regional developments, or global news, The Hills Times strives to keep you informed with dedication and integrity. Join us in staying ahead of the curve and exploring the world through our lens.
Latest news
- Advertisement -
Related news
- Advertisement -
Summer Special: Top Tourist Places In Shimla Explore The Best Villages For Tourism In Northeast India 7 Superfoods To Boost Your Stamina 7 Beautiful Indian Birds Flowers Which Bloom Only At Night