Disney, Reliance hire lawyers for India business merger

seekingalpha01-04

The Walt Disney Company (NYSE:DIS) and Reliance Industries are hiring lawyers and have begun antitrust due diligence of their media and entertainment merger in India, Reuters reported, citing people ...

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Indian billionaire Mukesh Ambani's Reliance appointed law firm Khaitan & Co and Shardul Amarchand Mangaldas, and Disney hired AZB & Partners to create a mega entertainment group in India. Disney shares rose 0.3% premarket on Thursday. In December, it was reported that Ambani's group could hold a 51% stake in the venture, giving it a majority. The valuation of the venture is still being debated. Disney lost the rights to stream cricket in India and the local business has been struggling since.  In its most recent quarterly results, Disney (DIS) said its core Disney+ subscribers came in at 112.6M, while Disney+ Hotstar, its operations in India, came in at 37.6M. In the previous quarter, it lost 12.5M subscribers in India as it shifted its strategy in the country. Separately, Japan's Sony (OTCPK:SNEJF) (SONY) plans to merge its India business with India's Zee Entertainment.  More on Disney  Disney: 2024 Will Decide Everything Disney: This Could Be A Buying Opportunity Disney: Direct-To-Consumer Is On The Path To Generate Profitability. Time To Buy Disney's Iger gets backer in Blackwells, which plans to nominate board members (update) The Walt Disney Company and ValueAct Capital enter information sharing agreement","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2400992433"}