NEW DELHI: Billionaire Mukesh Ambani’s Reliance is close to merging its India media business with Walt Disney with a 51% to 54% stake, a deal that values the US giant’s Indian operations at just US$3.5bil, say three sources with direct knowledge.
The valuation of Disney’s India unit is sharply lower than the US$15bil to US$16bil estimated when Disney acquired Fox in 2017.
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