Disney, Reliance merger discussions reach last lap as Feb 17 exclusivity deadline draws near

Mumbai: With a week to go before the exclusivity period deadline for bilateral negotiations comes to an end on February 17, Walt Disney Co and Reliance Industries (RIL) are in the last leg of negotiations to finalise their mega stock-and-cash merger to create India’s largest media and entertainment business, said people in the know.

Under the terms of the talks, Viacom18 looks set to be the single largest shareholder, with 42-45% in the combined entity, they said.

Parent RIL is expected to invest up to $1.5 billion cash in the new entity and pick up a stake directly as well. As a group, Mukesh Ambani-led RIL will own 60%, with Walt Disney owning the remaining 40%.