A new media and entertainment powerhouse is about to emerge in India, following the announcement of a joint venture between Disney and Reliance Industries, India’s largest conglomerate.
The agreement between the two companies, made official last Wednesday, was worth $8.5 billion. The union between the two groups in the Indian territory includes TV and streaming media assets.
Disney sees the deal as a triumph after decades of having to compete for space with Reliance in India. Over the years, the American giant has suffered from the loss of streaming users in the country and has failed to acquire the rights to Indian cricket, the most popular sport in the most populous country on the planet.
India’s biggest billionaire, Mukesh Ambani, presides over Reliance, a media giant in the country, owner of cricket rights and with a market capitalization of more than $230 billion.
Details of the agreement with Disney
“We are excited about the opportunities this joint venture will provide to create long-term value,” said Robert Iger, CEO of the Walt Disney Company, in an official statement.
The post Indian media giant and Disney announce merger in the country appeared first on Olhar Digital.
Source: Olhar Digital
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