Discover the latest shake-up as Reliance share price soars after announcing Disney merger, propelling stocks to new heights. Uncover the details behind the Rs 70,000 crore deal and its potential impact on the media landscape and investor portfolios. Stay ahead of the curve with exclusive insights into this game-changing collaboration.
Reliance Industries and Walt Disney Co. Announce Merger
Shares of Reliance Industries saw a nearly 1% increase on Thursday following the announcement of a significant merger deal with Walt Disney Co. The two companies have signed binding agreements to merge their media operations in India, aiming to create a powerhouse valued at Rs 70,000 crore.
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Reliance Share Price Performance
Reliance Industries, the most valued firm in India in terms of market valuation, closed at Rs 2,924.75, up 0.54% on the BSE. The market valuation of Reliance Industries currently stands at Rs 19,78,794.25 crore. Throughout the trading day, it reached a high of Rs 2,958, marking a climb of 1.68%. On the NSE, the stock ended at Rs 2,930.75, with a gain of 0.66%, after peaking at Rs 2,957.95, up by 1.60%.
In the broader equity market, the 30-share BSE benchmark rose by 195.42 points or 0.27% to settle at 72,500.30. Meanwhile, the Nifty increased by 31.65 points or 0.14% to reach 21,982.80.
Details of the Disney Merger
The Disney merger agreement, following closely on the heels of the unsuccessful USD 10 billion merger between Zee and Sony, will see Reliance and its affiliates holding 63.16% of the combined entity. This entity will include two streaming services and 120 television channels. Disney will hold the remaining 36.84%.
Reliance has also committed to invest Rs 11,500 crore at closing into the joint venture. This investment is aimed at strengthening the venture’s competitive edge against rivals such as Sony and Netflix.
Reliance’s media ventures are primarily housed in Network 18, which owns TV18 news channels along with a range of entertainment and sports channels under the ‘Colors’ brand. Additionally, Network 18 has stakes in platforms like moneycontrol.com and BookMyShow, and it publishes magazines.
Apart from its media ventures, Reliance also operates a movie production arm – JioStudios and holds majority stakes in two listed cable distribution companies, Den and Hathway.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and TV18 Networks/ BSE, NSE have contributed to the above report
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