Disney-Reliance India Mega Merger: Companies Agree To Non-Binding Term Sheet; Deal Would Create Media & Entertainment Powerhouse
deadline.comDisney has taken another big step toward realigning its India strategy. The company has signed a non-binding term sheet with Reliance Industries that would see the two merge their Indian operations, the completion of which would create one of India’s biggest entertainment empires.
The news was first reported by The Economic Times. Under the terms, Indian billionaire Mukesh Ambani’s Reliance group would own 51% of the merged entity through a combination of shares and cash.
Disney would hold the remaining 49% of shares. The term sheet was finalized at a meeting last week in London that saw Bob Iger advisor Kevin Mayer representing Disney and Ambani advisor Manoj Modi there for Reliance.
According to the Economic Times, the duo has been working for months on terms. The merger deal is expected to be completed by February, even though Reliance is said to be hoping to wrap it up in late January.
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