Nita Ambani Poised to Chair Merged Reliance-Disney Media Enterprise in India
Nita Ambani Poised to Chair Merged Reliance-Disney Media Enterprise in India
Mumbai, Bollywoodfever, February 27: Nita Ambani, the spouse of Indian tycoon Mukesh Ambani, is expected to assume the role of board chair following the merger of Reliance Industries’ and Walt Disney’s media assets in India, according to two sources privy to the matter.
The Ambani family-led Reliance and Disney are nearing the finalization of their merger agreement for their media operations in India, with an announcement anticipated by late Wednesday, as informed by the sources.
However, there is a possibility of changes before the formal disclosure.
Reliance has yet to comment on this matter, and Disney has opted not to comment.
This potential appointment of Nita Ambani comes shortly after her departure from the board of Reliance Industries to dedicate more time to philanthropic activities.
She is the founder and chairperson of the Reliance Foundation. Nita Ambani is well-known for her social gatherings with Bollywood celebrities and established the Nita Mukesh Ambani Cultural Centre in Mumbai, a significant hub for music and theatre.
The merger involves Reliance and Disney, which collectively own a streaming service and 120 television channels, aiming to solidify Reliance’s dominance in India’s $28 billion media and entertainment sector.
A previous report by Reuters suggested that Reliance might hold a 51%-54% stake in the merged entity, placing the value of Disney’s Indian operations at a significantly reduced $3.5 billion, compared to the $15-$16 billion valuation in 2019.
Additionally, Bodhi Tree, a venture co-founded by James Murdoch and ex-Disney executive Uday Shankar, is expected to acquire about a 9% share in the newly formed company, with Disney retaining approximately 40%.
Disney’s television and streaming services in India have faced challenges, including losing subscribers on its digital platform amidst fierce competition from Ambani’s service, particularly in cricket streaming.
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