Nita Ambani, the spouse of Indian tycoon Mukesh Ambani, is likely to take up the position of chairperson of the board of entity formed after a merger between Reliance and Walt Disney India, according to Reuters’ sources.
Long-anticipated merger deal between Reliance and Disney on the verge of finalizing
Reliance, under the Ambani family’s control, and Disney are on the verge of finalizing their long-anticipated merger deal concerning their Indian media operations, with an official announcement expected late Wednesday, insiders revealed.
Plans remain subject to alterations pending an official statement. Reliance refrained from commenting on the matter, while Disney opted not to respond to queries. Nita Ambani’s prospective appointment follows her recent resignation from the Reliance Industries board, signalling a shift towards focusing more on philanthropic endeavours. Currently, she serves as the founder and chairperson of the Reliance Foundation.
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Known for her frequent appearances alongside Bollywood luminaries at gatherings hosted by her family, Nita Ambani also established the Nita Mukesh Ambani Cultural Centre in Mumbai, which has emerged as a prominent venue for artistic performances in Mumbai itself.
Reliance will be in dominance in India’s USD 28 billion M/E sector
The merger between Reliance and Disney, both boasting streaming services and collectively controlling 120 TV channels, is expected to support Reliance’s dominance in India’s USD 28 billion media and entertainment sector.
Previous reports from Reuters suggested that Reliance is anticipated to secure a 51% to 54% stake in the merged entity, valuing Disney’s Indian operations at USD 3.5 billion, a significant decline from USD 15 to USD 16 billion which was estimated in 2019.
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Moreover, Bodhi Tree, a collaboration between James Murdoch and former high-ranking Disney executive Uday Shankar, is about to acquire approximately 9% ownership in the amalgamated company, with Disney retaining around 40% ownership.
Disney’s struggles in the Indian television and streaming landscape, exacerbated by stiff competition with Ambani’s platform, particularly in cricket streaming, have been well-documented over the years
