Reliance signs non-binding pact with Walt Disney for merger of India business: Media report
The Hindu
RIL & Disney-Star to merge, creating one of the largest media & entertainment entities in India worth $10 billion.
The 51:49 cash and stock deal in favour of Reliance Industries was signed in London last week, according to the media report.
Due diligence and valuation may begin soon and the deal could be finalised to "complete all commercial ratifications and regulatory approvals by February, even though RIL is keen to wrap up by January-end," the report said.
Comments from RIL could not be obtained as the mailed query remained unanswered.
When contacted, a spokesperson of Disney-Star declined to comment.
If completed, this would be the biggest merger deal in the media & entertainment sector, creating one of the largest entities having over 100 channels and two leading OTT platforms.
The merged entity would compete with leading media houses such as Zee Entertainment and Sony Pictures, which are in the midst of a merger deal themselves, and other rival OTT platforms such as Netflix and Amazon Prime.
The Opposition Congress demanded that the government open the Gandhi Vatika Museum, depicting Mahatma Gandhi’s legacy and freedom struggle, built at a cost of ₹85 crore in Jaipur’s Central Park last year, during the Congress-led regime in Rajasthan. The museum has not been opened to the public, reportedly because of the administration’s engagements with the State Assembly and Lok Sabha elections.
Almaya Munnettam (Lay People to the Fore), group in the Ernakulam-Angamaly Archdiocese of the Syro-Malabar Church opposed to the synod-recommended Mass, rejected a circular issued by Major Archbishop Raphael Thattil and apostolic administrator Bosco Puthur on June 9 to implement the unified Mass in the archdiocese from July 3.
Pakistan coach Gary Kirsten stated that “not so great decision making” contributed to his side’s defeat to India in the Group-A T20 World Cup clash here on Sunday. The batting unit came apart in the chase, after being well placed at 72 for two. With 48 runs needed from eight overs, Pakistan found a way to panic and lose. “Maybe not so great decision making,” Kirsten said at the post-match press conference, when asked to explain the loss.