Disney and Mukesh Ambani merge their media businesses in India
CNN
Disney is joining forces with Asia’s richest man to create a new media giant in India that says it will reach an audience of more than 750 million people.
Disney is joining forces with Asia’s richest man to create a new media giant in India that says it will reach an audience of more than 750 million people. Billionaire Mukesh Ambani’s Reliance Industries and Disney have combined their digital streaming platforms and 100 TV channels in the country in a joint venture worth about $8.5 billion, the companies said in a statement Wednesday. Reliance will own just over 63% of the new entity, mostly through its Viacom18 subsidiary, with Disney (DIS), which owns Star India, holding the rest. “With the addition of Disney’s acclaimed films and shows to Viacom18’s renowned productions and sports offerings, the joint venture will offer a compelling, accessible and novel digital-focused entertainment experience to people in India and the Indian diaspora globally,” the companies added. Ambani’s wife Nita M. Ambani will be the chairperson of the joint venture. “This is a landmark agreement that heralds a new era in the Indian entertainment industry,” said Mukesh Ambani.
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