Disney, Reliance have signed binding media pact

Walt Disney and industrial conglomerate Reliance Industries have signed a binding pact to merge their media operations in India, Bloomberg News reported on Sunday, citing people familiar with the matter.

The media unit of Reliance, controlled by billionaire Mukesh Ambani, and its affiliates are expected to own at least 61 percent of the merged entity, with Disney holding the rest, the report said.