Reliance Industries, led by Mukesh Ambani, has signed a binding pact for a merger with Walt Disney’s local unit. This merger is set to create a vast and powerful entertainment giant in India’s already massive entertainment market. The media unit of Reliance and its affiliates will hold at least a 61-percent stake in the merged entity, with Disney holding the rest. This deal is expected to uplift Hotstar, which continues to be weighed down by losses. The merger is a significant shakeup for India’s multi-billion dollar entertainment industry and could capture 50% of India’s streaming market.
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