๐๐ถ๐๐ป๐ฒ๐, ๐ฅ๐๐ ๐ฆ๐ถ๐ด๐ป ๐๐ถ๐ป๐ฑ๐ถ๐ป๐ด ๐ฃ๐ฎ๐ฐ๐ ๐๐ผ ๐ ๐ฒ๐ฟ๐ด๐ฒ ๐ ๐ฒ๐ฑ๐ถ๐ฎ ๐ข๐ฝ๐ฒ๐ฟ๐ฎ๐๐ถ๐ผ๐ป๐ ๐ถ๐ป ๐๐ป๐ฑ๐ถ๐ฎ :
Walt Disney Co. and Reliance Industries Ltd. have signed a binding pact to merge their media operations in India, according to people familiar with the matter, as the US entertainment giant recasts its strategy amid intense competition in the worldโs most-populous country.
The media unit of Reliance, controlled by billionaire ๐ ๐๐ธ๐ฒ๐๐ต ๐๐บ๐ฏ๐ฎ๐ป๐ถ, and its affiliates are expected to own at least ๐๐% in the merged entity, with ๐๐ถ๐๐ป๐ฒ๐ ๐ต๐ผ๐น๐ฑ๐ถ๐ป๐ด ๐๐ต๐ฒ ๐ฟ๐ฒ๐๐, the people said, asking not to be identified as the information is not public.
The ๐๐ฎ๐๐ฒ๐๐ ๐ ๐ถ๐น๐ฒ๐๐๐ผ๐ป๐ฒ, along with other details, are likely to be announced early this week, the people said.
A Disney representative declined to comment. A Reliance spokesperson didnโt immediately respond to a query on the signing of the binding pact.
The stake split between the partners may change, depending on how Disneyโs other local assets are factored in by the time the deal is closed, the people said.
Disney owns a minority stake in broadcast service provider, ๐ง๐๐ง๐ ๐ฃ๐๐๐ฌ ๐๐ง๐., which Reliance may consider acquiring, according to local news reports.
Disney has been grappling with challenges in India such as retaining subscribers and securing coveted media assets, while Reliance has cornered a larger slice of the local media and entertainment businesses in recent years. Together, they would make a formidable media behemoth in one of the worldโs fastest-growing entertainment markets.
Ambaniโs unit had outbid Disney in 2022 to win the streaming rights for the ๐๐ง๐๐ข๐๐ง ๐๐ซ๐๐ฆ๐ข๐๐ซ ๐๐๐๐ ๐ฎ๐, or ๐๐๐, Cricket Tournament and bagged a multi-year pact in April to ๐๐ฟ๐ผ๐ฎ๐ฑ๐ฐ๐ฎ๐๐ Warner Bros Discovery Inc.โs ๐๐๐ ๐ฌ๐ก๐จ๐ฐ๐ฌ, which were earlier with Disney.
Clawing Back
While Disneyโs streaming service, Disney+ Hotstar, managed to draw record viewers for the Cricket World Cup in October and November, it showed the matches for free in the cricket-crazy nation โ a move aimed at clawing back subscribers even if it meant sacrificing revenue. Reliance had streamed IPL matches earlier in 2023 without any charge, drawing viewers in hordes.
Disney has been mulling options for its India business, including an outright sale or setting up a joint venture with partners since July.
This transaction is part of the larger consolidation efforts in the Indian media and entertainment space. Sony Group Corp. planned to merge its local unit with Zee Entertainment Enterprises Ltd. until differences cropped up on whoโll lead the new merged media giant that ultimately gutted the deal last month.
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