Disney and Mukesh Ambani’s Reliance Industries have combined their digital streaming and television businesses in India to form an entertainment behemoth worth some $8.5 billion.
Reliance Industries has agreed to invest around $1.4 billion into the joint venture, which merges Reliance’s Viacom18 with Disney’s Star India, reaching more than 750 million viewers in the country, the companies said in a statement Thursday.
Reliance will own just over 63% of the new entity, mostly through Viacom18, with Disney holding the rest, according to the statement.
Ambani’s wife Nita M. Ambani will be the chairperson of the joint venture.
This is a developing story and will be updated.
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