India’s media and entertainment industries are about to undergo a transformation thanks to Mukesh Ambani, the country’s wealthiest man

A non-binding agreement was signed last week in London by Walt Disney Co. and Reliance Industries (RIL), led by Mukesh Ambani, as part of their plan to control the Indian entertainment market. Disney will have 49% of the company while RIL will hold 51%, according to reporting from The Economic Times. Reliance wants everything finished by January, but they want to finish everything by February.

Attending the meeting were Ambani’s close buddy Manoj Modi and Disney’s Kevin Mayer. For months, they had been attempting to formalize the arrangement. Experts will review the specifics after the latest signing, with assistance from tax and legal counsel. Only they will be able to make a decision after 45 to 60 days.

Currently, there are plans to create a new entity under RIL’s Viacom18 that would house Star India. Viacom 18 subsidiary Jio Cinema will also be included in the agreement.

With RIL expected to pay cash for the controlling shares, Reliance is expected to own a sizable portion of the merged company. Disney’s OTT app Disney+ Hotstar, which is now suffering significant financial losses, is expected to benefit from this deal.

The regulatory investigation around a proposed Disney-Reliance merger mostly focuses on the companies’ streaming services and their impact on advertising, especially during cricket season. This combination could change how Indian cricket fans watch the game.