According to reports from news agency Reuters, Nita Ambani, the spouse of Indian magnate Mukesh Ambani, is anticipated to ascend to the role of chair of the board in the forthcoming merged entity resulting from the integration of Reliance Industries' and Disney's media operations.
In the wake of this merger, it is reported that former Walt Disney executive Uday Shankar is poised to step into the position of vice chairman of the board. The formal announcement of this collaboration is expected to be made by Reliance and Disney after they finalize a binding agreement, with an anticipated declaration scheduled for Wednesday.
Nevertheless, there has been no official validation of these developments from Shankar or Reliance at present. Shankar presently occupies a seat on the board of Viacom18, the broadcast arm of Reliance.
The report suggests that Bodhi Tree, a joint venture involving James Murdoch and Shankar, may potentially secure approximately a 9 per cent stake in the freshly amalgamated entity.
Given that each entity possesses its individual streaming service and collectively manages 120 television channels, this amalgamation is anticipated to fortify Reliance's dominance in India's $28 billion media and entertainment sector.
Media reports indicate that Nita Ambani is poised to assume the role of chair of the board within the new entity, solidifying her pivotal position in the conglomerate.
Who is Uday Shankar?
Shankar, an accomplished stalwart of the media landscape, is widely lauded for his instrumental role in propelling the success of the popular streaming platform Hotstar in India. Prior to this, he oversaw the diverse array of TV channels under Star India's purview, a role he assumed before Disney's acquisition of the entity from Fox Corp. Most recently, Shankar has been pivotal in steering the strategic direction and growth trajectory of Reliance's recently launched JioCinema streaming application.
