MUMBAI (Bloomberg): Walt Disney Co. and Reliance Industries Ltd. have signed a binding pact to merge their media operations in India, according to people familiar with the matter, as the US entertainment giant recasts its strategy amid intense competition in the world’s most-populous country. A Reliance spokesperson didn’t immediately respond to a query on the signing of the binding pact. Disney owns a minority stake in broadcast service provider, Tata Play Ltd., which Reliance may consider acquiring, according to local news reports. Disney has been grappling with challenges in India such as retaining subscribers and securing coveted media assets, while Reliance has cornered a larger slice of the local media and entertainment businesses in recent years. Disney has been mulling options for its India business, including an outright sale or setting up a joint venture with partners since July.

Source: The Star February 25, 2024 11:30 UTC