Disney (NYSE:DIS) is in advanced talks with Reliance Industries to merge their Indian media and entertainment divisions, potentially creating India's largest media enterprise. The merger involves a stock swap, with Reliance securing over 51% and Disney owning the rest. Negotiations include a capital infusion of $1 billion to $1.5 billion. The board would have equal representation from both companies, with additional seats for Bodhi Tree and independent directors. The deal aims to finalize a term sheet by the end of January, with Disney+ content licensing and Jio Platforms as a distribution channel. The merger seeks to capitalize on synergies and enhance long-term business value.