Disney, Reliance reportedly sign binding pact to merge India operations

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 world’s most-populous country.

The media unit of Reliance, controlled by billionaire Mukesh Ambani, and its affiliates are expected to own at least 61 per cent in the merged entity, with Disney holding the rest, the people said, asking not to be identified as the information is not public.

The latest milestone, along with other details, are likely to be announced early this week, the people said.

A Disney representative declined to comment. A Reliance spokesperson didn’t immediately respond to a query on the signing of the binding pact.