Disney and India's Reliance agree merger: Bloomberg

NEW DELHI - India's Reliance Industries has signed a "binding pact" for a merger deal with Walt Disney's local unit, Bloomberg News reported, a major shakeup for the country's multi-billion dollar entertainment industry.

India's entertainment market is already one of the world's biggest, with the expected merger set to create a vast and powerful entertainment giant.

The report of the deal comes as billionaire tycoon Mukesh Ambani, chairman of oil-to-telecoms giant Reliance Industries, readies to host Disney chief Robert Iger on March 1 for his son's wedding in India's western Gujarat state.

Bloomberg said the deal is expected to see the media unit of Reliance and its affiliates hold at least a 61-percent stake in the merged entity, with Disney holding the rest.

There was no immediate response from either Disney or Reliance.

Disney has been under significant pressure ever since Iger left the company only to be brought out of semi-retirement more than a year ago when his successor underperformed.