Nita Ambani, the wife of Indian billionaire Mukesh Ambani, is expected to be named chair of the board when Reliance Industries and Walt Disney unite their India media businesses, sources familiar with the plan stated.
Reliance, headed by the Ambani family, and Disney are close to completing their India media merger agreement, which has been in the works for months, with an announcement expected late Wednesday, according to sources.
Plans may alter before an official announcement. Reliance did not respond to a request for comment, and Disney declined to comment.
Nita Ambani's appointment as chair comes barely months after she stepped down from the Reliance Industries board to focus on charity activities. She founded the Reliance Foundation and serves as its chair at the moment.
Nita Ambani and her family are frequently spotted with Bollywood celebrities at parties they host. In addition, she founded Mumbai's Nita Mukesh Ambani Cultural Centre, which has grown to be a major hub for theatre and music.
Reliance - Disney Merger
Reliance and Disney each have a streaming service and 120 television channels, and the acquisition will bolster Reliance's position in India's $28 billion media and entertainment business.
It was earlier reported that Reliance is expected to own 51%-54% of the amalgamated business, valuing Disney's Indian operations at only $3.5 billion, significantly lower than the $15-$16 billion predicted in 2019.
Bodhi Tree, a joint venture between James Murdoch and Uday Shankar, a former senior Disney executive, is also expected to acquire a roughly 9% share in the combined company. Disney is expected to hold approximately 40%.
Disney's TV and streaming business in India has struggled over the years, with its digital platform losing users amid fierce competition from Ambani's platform for cricket streaming.
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