Disney and Viacom18 have reportedly struck a deal, with Disney selling 60 per cent of its units to Viacom18. The expected closing date for the deal is this month.
Disney and Viacom18 had initially signed a non-binding agreement in December, outlining Reliance's 51 per cent shareholding and Disney's 49 per cent.
According to sources, the valuation and due diligence for the mergers could be initiated soon, aiming to complete regulatory approvals by February 2024.
According to previous news reports, the non-binding agreement was executed in London, attended by Kevin Mayer in an advisory role for the network's TV business. Representing RIL, Manoj Modi, a close aide of Mukesh Ambani was present during the agreement signing.
Initial reports in October 2023 suggested that Disney was close to finalising a cash and stock merger deal to sell its India business to Reliance Industries. The proposed deal was structured as a 51:49 stock-and-cash merger in favour of RIL.