When Reliance Industries (RELI.NS) and Walt Disney (DIS.N) combine their India media businesses, Nita Ambani, the wife of Indian billionaire Mukesh Ambani, is expected to be named chair of the board, according to two people familiar with the arrangements.
The Ambani family-owned Reliance and Disney are getting close to finalizing their long-awaited India media merger agreement; the news is probably coming late on Wednesday, according to the sources.
Plans could alter before the formal announcement, though. According to the report, Disney declined to comment and Reliance did not reply to inquiries. The expected selection of Nita Ambani as chair comes after her recent retirement from the RIL board, indicating a change in emphasis towards philanthropic efforts. She is currently the founder and chair of the Reliance Foundation.
At their arranged parties, Nita Ambani and her family regularly mingle with Bollywood celebs. She is also the creator of Mumbai’s renowned Nita Mukesh Ambani Cultural Centre, a theater and music venue. Together, Reliance and Disney own 120 television stations and a streaming business. Reliance’s leadership in India’s $28 billion media and entertainment sector is expected to be strengthened by the merger.
Reliance is anticipated to acquire a 51–54 percent share in the combined company, according to earlier reports from sources. This would value Disney’s Indian operations at $3.5 billion, a substantial decrease from the predicted $15–$16 billion in 2019.
James Murdoch and Uday Shankar, a former Disney executive, are partners in a joint venture called Bodhi Tree, which plans to purchase around 9% of the combined company. Disney is expected to hold about 40% of the shares.
