NEW DELHI (Reuters) – Former Walt Disney executive Uday Shankar will be named as vice chairman of the board following a merger between the India media assets of Reliance Industries and Disney, two sources familiar with the matter told Reuters.
Reliance and Disney are expected to make a formal announcement on Wednesday after signing a binding pact. Shankar is set to take a stake of around 9% in the new merged entity, Reuters reported in February.
Reliance and Disney each have a streaming service and 120 television channels between them and the deal is expected to strengthen Reliance’s hold over India’s $28 billion media and entertainment market.
Reuters on Tuesday reported that the new entity is likely to have Nita Ambani, wife of Indian billionaire Mukesh Ambani, as chair of the board.
(Reporting by Aditya Kalra in New Delhi; editing by Jason Neely)
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