The genesis of the Reliance Disney negotiations was in the fall of 2023 but it gathered momentum after Walbrooke visited the Reliance Mumbai office in October followed by Mayer and Modi catching up just before Christmas at the Ambani residence in Stoke Park, London, to shake hands and sign a non binding term sheet with a February 17th deadline.
Reliance Industries Ltd (RIL) and Walt Disney Co. are finalising details of a non-binding term sheet to move ahead with plans to merge their India media and entertainment operations, said executives involved in the matter.
The plan, as of now, is to create a step-down subsidiary of RILs Viacom18, which will absorb Star India via a stock swap, said the people cited above. Reliance is pitching to be the larger shareholder with at least 51% in the merged company with Disney owning the residual 49%, they said. Both businesses are being treated as similar-sized ones, so RIL is likely to pay cash for the controlling stake.
Both entities are reportedly finalising a non-binding term sheet to propel forward their plans for a merger, potentially establishing the largest media and entertainment conglomerate in the country.