New Delhi/London CNN —Disney is joining forces with Asia’s richest man to create a new media giant in India that says it will reach a domestic audience of more than 750 million people.
Billionaire Mukesh Ambani’s Reliance Industries and Disney have combined their digital streaming platforms and 100 TV channels in the country in a joint venture worth about $8.5 billion, the companies said in a statement Wednesday.
Disney (DIS) made a major push into the country in 2019, when it acquired most of 21st Century Fox, including its vast Star India network.
“India is the world’s most populous market, and we are excited for the opportunities that this joint venture will provide to create long-term value for the company,” said Disney CEO Bob Iger.
Disney salvaging its Indian dreamDisney has faced multiple challenges in India, which boasts a vibrant media and entertainment sector.
Persons:
Mukesh, ”, Mukesh Ambani, Nita M, Ambani, Viacom18, Bob Iger, Mouse, Weeks, JioCinema, Iger, “, Mihir Shah
Organizations:
London CNN, Disney, Reliance Industries, Century Fox, Star, Reliance, Indian Premier League, Warner Bros ., HBO, CNN, Media Partners
Locations:
New Delhi, London, India, Star India, Viacom18