Reliance and Disney sign a historic joint venture, Nita Ambani will be its board chairperson

Mukesh Ambani's company Reliance and American company Walt Disney will now work together in India. It was in the news for a long time that both these companies have decided to merge in India after a mutual agreement. Putting an end to all these speculations on Wednesday, the company confirmed this.

Reliance will have more than 60 percent stake

Let us tell you that the discussion of this merger started when last month in a report of Wall Street Journal it was said that Disney has agreed to sell 60 percent of its Indian business to Viacom18 at a valuation of $ 3.9 billion. After the signing of the deal and completion of this merger, the joint venture will be majority-controlled by RIL, with 46.82 percent owned by Viacom18 and 36.84 percent owned by Disney. This would mean that Reliance will have more than 60 percent stake.

What is the purpose of this joint?

The objective of this deal is to become a world-class media operation in entertainment and sports. Let us tell you that Reliance will invest Rs 11,500 crore in this joint venture, while Disney's job will be to provide content license to this joint venture. Under this joint venture, Disney's Indian streaming media will be merged with Reliance Media. The merger sets the stage for the creation of an $8.5 billion (Rs 70,352 crore) media and entertainment powerhouse that surpasses any merger before.

To put it simply, through this merger Reliance's Viacom18 and Disney's Star India will be brought together. Through this joint venture, notable brands like Colors, StarPlus, StarGold, Star Sports, and Sports18 will come under one roof.

Reliance and Disney signed a historic agreement

Let us tell you that Mukesh Ambani, owner of Reliance Company, has called it a historic agreement. He said that this is the beginning of a new era in the Indian entertainment industry. He welcomed Disney as his partner and said that now viewers across the country will get excellent content at an affordable price.

Walt Disney CEO Bob Iger said on this occasion that India is the most populous market in the world and he is very excited about this joint venture.

For your information, let us tell you that the chairperson of the board of this joint venture will be Nita Ambani and its vice chairperson will be Uday Shankar. The company has confirmed this in its joint statement.