Disney said Friday it has signed a deal with its India-based subsidiary “Star India” to integrate Reliance’s “Viacom 18” division to establish a new joint venture.
The joint venture, worth $8.5 billion, will be controlled by Reliance upon completion of the deal. Disney owns a 36.84 percent stake in the joint venture. Reliance is a conglomerate led by Asia’s richest man, Mukesh Ambani, whose wife, Nita Ambani, will chair the joint venture, which it will set up with Disney. Reliance has agreed to invest about $1.4 billion more in the joint venture’s growth strategy, and Disney has also said it may invest more if approved by local regulators. Disney said the joint venture will bring together more than 750 million viewers across India as the two companies’ media assets, including TV channels and streaming platforms, are integrated.
JENNIFER KIM
US ASIA JOURNAL
