Reliance Industries and Disney India are set to signal a binding settlement to merge their property, in response to native reviews.

The deal, which has been gestating for the previous two months, could possibly be signed this week and can see Reliance’s Ambani household overseeing a merged operation. The board will likely be chaired by Nita Ambani, spouse of Reliance’s multi-billionaire proprietor Mukesh Ambani, with former Disney India chief Uday Shankar as vice-chairperson.

Reuters has reported Reliance can have round 51-54% of the enterprise and values Disney’s property at round $3.5B, a lot decrease than the circa-$16B valuation placed on it in 2016. Disney will maintain round 40%.

Bodhi Tree, which counts James Murdoch and Shankar as its bosses, will take round 9% within the new merged entity.

The merger will produce a media behemoth in India, with the mix of Reliance’s property and Disney India, together with the Disney+ Hotstar streaming service. Reliance Industries carries a collection of prime media choices together with property beneath its Viacom18 group, the fast-growing JioCinema streaming service, a pay-TV platform and over 100 linear TV channels.

Simply final yr, Reliance beat Disney to win streaming rights to the profitable Indian Premier League (IPL), with Disney taking solely pay-TV rights, having beforehand held all rights. Streaming the IPL beneath the Jio banner without cost, Reliance undercut Disney’s providing, drawing audiences away from the Hotstar platform.

Solely in August final yr, Nita Ambani give up the board of Reliance Industries to reportedly “focus extra on charity work,” as she is at the moment the founder and chair of the Reliance Basis.

Deadline has reached out to Reliance and Disney India for remark.