After reaching an agreement last month to merge their India assets, The Walt Disney Company and Reliance Industries have both hired law firms and started antitrust due diligence.

Disney and Reliance Industries Hire Law Firms for Antitrust Due Diligence

Reliance Industries hired Indian law firm Khaitan & Co and Shardul Amarchand Mangaldas and Disney chose AZB & Partners.

Disney has struggled with streaming, with many problems stemming from Disney+ Hotstar, their streaming service in the India market. Though Disney+ Hotstar has had more users than Disney’s other streaming services, it began losing significant subscribers after Disney lost streaming rights to India Premier League (IPL) cricket matches last year. In the first quarter of 2023, Disney+ Hotstar lost 3.8 million subscribers. In quarter two, it lost 4.6 million.

Under the new agreement, Reliance Industries will own 51% of the merged entity, while Disney will own 49%. It was reportedly finalized in a London meeting by Kevin Mayer and Manoj Modi, with executives signing a non-binding term sheet.

Disney and Reliance have both refused to comment on the deal, with Reliance calling the story “speculative.”

Source: Yahoo Finance

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