From CNBC:



Reliance Industries, India’s most valuable company, has signed a non-binding term sheet with Walt Disney to merge their Indian media operations. Under the merger, Reliance would own 51% while Disney would own the remaining 49%. The deal is expected to be completed by February, pending regulatory approvals. This merger would create one of India’s biggest entertainment empires, competing with television interests and streaming giants. The proposed deal would create a unit under Reliance’s Viacom18 to take control of Star India through a stock swap, with the parties considering investing $1 billion to $1.5 billion in the business. The board is expected to include an equal number of directors from Reliance and Disney. Since early this year, Disney has been exploring a sale or joint venture partnership for its India business. The report does not specify whether the $1 billion to $1.5 billion investment is the total or the amount each company is expected to invest. Both Reliance and Disney have not yet responded to requests for comment.



Original: Disney, Reliance sign non-binding agreement for India media operations merger – ET