Mukesh Ambani’s Reliance Industries and Walt Disney have appointed law firms and started antitrust due diligence of their planned Indian media and entertainment merger, four people familiar with the matter said.
Reliance has appointed law firm Khaitan & Co and Shardul Amarchand Mangaldas, while Disney has roped in AZB & Partners, the people said.
The appointments are the latest sign of progress as Reliance and Disney, which each have a major streaming service as well as 120 television channels between them, look at merging into an entity to create an entertainment superpower in the world’s most populous nation. Reliance Industries is expected to have a majority stake in the entity.
A fifth source said senior Disney executives from Burbank headquarters and top Reliance officials from Mumbai travelled to London in late December and signed a non-binding term sheet on the deal. Reliance said it had “no comments to offer”, calling the story “speculative”, without elaborating.
Source: Reuters