Nita Ambani, founder and chairperson of Reliance Foundation, is likely to head the entity formed upon the merger of Viacom 18 and Sony India.
The media assets in the country of Reliance Industries Limited (RIL) and the US-based Walt Disney Company, respectively, according to reports. Ambani’s spouse is billionaire and RIL chairperson Mukesh Ambani, who is among the wealthiest individuals in the world; Reliance Foundation is one of several wholly-owned subsidiaries of Reliance Industries.
Additionally, Bodhi Tree, a joint venture between British-American businessman James Murdoch and ex-Disney top executive Uday Shankar, will hold a 9% stake in the merged entity, with Disney holding around 40%, and RIL the remaining 51%, as per the reports.
Further, Bodhi Tree promoter Shankar, is likely to be the vice-chairperson of the Viacom18-Sony India joint venture. While plans could change, an official announcement on the deal is likely on Wednesday, the reports added.
‘Unable to comment on media speculation’
On Tuesday, meanwhile, RIL, a Mumbai-based oil-to-retail conglomerate, issued a statement over reports of a binding merger pact having been signed between the two sides.
“We would like to clarify that we are unable to comment on media speculation and it would be inappropriate on our part to do so,” the company mentioned in a press release.
“The company evaluates various opportunities on an ongoing basis. Further, there is no information which has not been announced to the stock exchanges and which should have been announced by the company in terms of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,” the release stated.