Walt Disney and India’s Reliance Industries Ltd. are planning a joint venture worth $8.5 billion, combining their digital streaming platforms and over 100 TV channels to target the world’s most populous country.
Disney seeks to tap into India’s vast market of over 750 million people. The company acquired Star India, belonging to 21st Century Fox, in 2019.
Under the terms of the potential deal, Disney will merge with Viacom18, a subsidiary of Reliance.
Led by Asia’s richest man, Mukesh Ambani, Reliance will invest $1.4 billion into the joint venture to fuel its growth.
After completion, Reliance and Viacom18 will hold a majority stake of 63% and Disney 37%.
Ambani’s wife, Nita Ambani, will chair the joint venture.