In a mega deal in the entertainment segment, Reliance Industries Limited (RIL) and Walt Disney Co have signed a binding agreement to merge their media operations in India, according to a Bloomberg report.

As per the agreement, the media unit of Reliance and its affiliates are expected to own at least 61 per cent in the merged entity, with Disney holding the rest.

Disney reportedly agreed to sell 61 per cent of its India business to Viacom 18 at a valuation of $3.9 billion (Rs 33,000 crore).
Viacom18 is owned by Reliance Industries Limited (RIL) Chairman Mukesh Ambani.

There were reports earlier this month that Disney had agreed to sell 60 per per cent of its Indian business to Viacom18. The deal is expected to be a significant move in the Indian media and entertainment industry.

Last month, Sony of Japan dropped its merger plan with Zee Entertainment ended due to disagreements regarding the leadership of the proposed merged media entity.