Nita Ambani likely to Chair Reliance-Disney India media merger
After Reliance Industries and Walt Disney’s Indian media assets merge, Nita Ambani, the wife of Indian tycoon Mukesh Ambani, is expected to become the board’s chair, according to Reuters, which cited sources.
After months of preparation, Disney and Reliance Industries (RIL), which is controlled by the Ambani family, are about to close their merger agreement for the Indian media assets. The sources also stated that an official announcement is anticipated later today.
Plans could alter before the formal announcement, though. According to the report, Disney declined to comment and Reliance did not respond to inquiries.
Nita Ambani’s Role in Focus
With her recent departure from the RIL board, Nita Ambani’s expected appointment as chair signals a shift in emphasis towards charitable endeavors. She is currently the founder and chair of the Reliance Foundation.
At their arranged parties, Nita Ambani and her family regularly mingle with Bollywood celebrities. She is also the creator of Mumbai’s renowned Nita Mukesh Ambani Cultural Centre, a theater and music venue.
Strengthening Reliance’s Grip
Together, Reliance and Disney own 120 television channels and a streaming service. 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 51–54 percent of the combined company, according to a previous Reuters report. This would value Disney’s Indian operations at $3.5 billion, a substantial decrease from the estimated $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 about 9% of the combined company. Disney is expected to hold about 40% of the shares.
