Disney and India’s Reliance agree merger: Bloomberg

NEW DELHI: India’s Reliance Industries has signed a “binding pact” for a merger deal with Walt Disney’s local unit, Bloomberg News reported Monday, a major shakeup for the country’s multi-billion dollar entertainment industry.

India’s entertainment market is already one of the world’s biggest, with the expected merger set to create a vast and powerful entertainment giant.

The report of the deal comes as billionaire tycoon Mukesh Ambani, chairman of oil-to-telecoms giant Reliance Industries, readies to host Disney chief Robert Iger on March 1 for his son’s wedding in India’s western Gujarat state.