India is poised to witness a giant acquisition, as Mukesh Ambani”s Reliance Industries is buying a majority stake in Walt Disney Co”s India operations. According to Bloomberg, a multi-billion dollar deal is expected to be signed next month. After the deal, Reliance will hold a majority stake in the Disney Star business, with the American entertainment giant holding a minority stake.

Reliance Industries is expected to have a $10 billion stake in the company, according to Disney, while Reliance values the assets at around $7 billion to $8 billion, the Bloomberg report said. With the completion of the deal, Reliance”s media units will also merge with Disney Star.

However, the companies have not yet reached a consensus on the deal and the valuation. However, the proposal suggests that Disney will hold a minority stake in the Indian company. The deal would be either in cash or via stock swapping.

According to the report, Disney will continue to hold the assets for a short while longer.

Mukesh Ambani, the chairman of Reliance Industries, secured the rights to stream the Indian Premier League for $2.7 billion in 2022. Reliance”s Jio Cinema platform also broadcasted the popular domestic cricket tournament for free this year.

Reliance also signed a multi-year deal to broadcast Warner Bros Discovery Inc.”s HBO shows in India, content that was previously with Disney.

Despite facing losses in India”s entertainment industry, Disney Star continued to make investments in the market. Bloomberg News reported in July that Disney has been weighing other options for the business, including an outright sale or setting up a joint venture.

The recent men”s Cricket World Cup 2023 match between India and New Zealand drew a record 43 million viewers, which was higher than the 35 million viewership of the highly anticipated India-Pakistan grudge match held this month.