When the two firms combine their India media assets, Nita Ambani is anticipated to be named chair of the board, according to reports from Reuters, which cited sources.

Plans, however, are still in the early stages and could alter before the official announcement, which Reuters reports is scheduled for this Wednesday, February 28.

This comes shortly after Nita Ambani resigned from the Reliance Industries board in order to allegedly "focus more on charity work." She is currently the founder and chair of the non-profit part of the company, the Reliance Foundation.

Reliance will own a 51%–54% ownership in the combined company, according to the article, which states that the merger has been in the works for months. Disney will own around 40% of the remainder, with Bodhi Tree, a joint venture between James Murdoch and former senior Disney executive Uday Shankar, owning the other 9%.

After the deal, Disney's Indian operations are allegedly valued at $3.5 billion, a significant decrease from the expected $15–$16 billion in 2019.

Should the acquisition go through, it will lead to the emergence of the biggest media empire in the nation, encompassing both TV broadcasting and streaming. Star Plus, Colors, and Star Sports are just a few of the more than 120 TV channels that the combined company will offer.

In addition, the combined company will run Disney+ Hotstar and JioCinema, two streaming services that collectively control a sizeable portion of the Indian subscription and ad-supported video-on-demand markets.

Not only that, but the two players collectively will own the rights to all major national sporting events, such as the Olympics, NBA, ISL, EPL, and IPL.

But following the announcement, the Indian Competition Commission will need to approve the deal. As the two companies jointly capture more than 40% of the market share in both the TV and streaming categories, the watchdog will examine the merger agreement.

India's $28 billion media and entertainment business is at risk. The agreement was made at a time when Disney has been finding it difficult to compete with Reliance, particularly in the streaming market.

In the last two years, JioCinema has successfully acquired the digital rights to every major event and stolen the streaming rights to every top English show. As a result, many Disney+ Hotstar users have left the platform. The latter seems to have teamed up with the Indian conglomerate to streamline operations and reduce losses as user numbers are declining.

A huge media empire will emerge as a result of the merger, which may also have implications for other competitors in the market.