Walt Disney, Reliance merge India media operations to create Rs 70,000 crore behemoth

New Delhi: Walt Disney Co and Reliance Industries on Wednesday announced signing of binding pacts to merge their media operations in India to create a Rs 70,000 crore behemoth.

Reliance and its affiliates will hold a 63.16 per cent stake in the combined entity that will house two streaming services and 120 television channels. Disney will hold the remaining 36.84 per cent stake, the companies said in a statement.

Reliance has also agreed to invest at closing Rs 11,500 crore into the joint venture to give it muscles to fight rivals such as Japan’s Sony and Netflix.