Nita Ambani Emerges as a Dominant Force in the Indian Media Landscape

Just recently, Nita Ambani shifted her focus from frontline business to philanthropy. However, she is now making a comeback to the competitive world of Indian media.

She is set to become the chairperson of a massive $8.5 billion conglomerate resulting from the merger of Disney's media ventures in India and Reliance Industries, owned by her billionaire husband, Mukesh Ambani.

Less than two years after her husband initiated a succession plan for the $236 billion conglomerate, Nita Ambani, 60, has taken on a new position within the company. Her husband intends to pass on the empire to their three children, spanning retail, technology, and renewable energy.

Nita Ambani will not be solely responsible for steering the media giant, as Uday Shankar, the former president of Disney's Asia Pacific unit, has been appointed as the vice chairperson of the joint venture. According to a statement released by the companies on Wednesday, Shankar will also provide "strategic guidance" in his new role.

The completion of the Disney-Reliance deal is anticipated to occur by late 2024 or early 2025, pending approval from regulators and shareholders.

Ten years ago, Nita Ambani made her debut in the business world by becoming the first female director on the board of Reliance Industries.

Some analysts criticized the appointment as tokenism, which came months after regulators urged listed Indian companies to enhance gender diversity in boardrooms.

In a statement last August, the company announced her resignation from the board to focus her energies and time on the philanthropic initiatives of the Reliance Foundation.

Ambani’s wife, described as an “educationist, philanthropist, businesswoman” by the group, already has extensive experience in promoting sports and arts in the country. She is the owner of Mumbai Indians, a cricket team in the hugely popular Indian Premier League (IPL).

Sport will play a crucial role in the success of the new media venture. Disney India had been encountering numerous challenges prior to the merger announcement. In 2022, it suffered a significant blow when it lost the digital rights to stream IPL cricket matches to Reliance, leading to the loss of millions of subscribers.

She founded The Nita Mukesh Ambani Cultural Centre in Mumbai last year, which brought India its first major Broadway show, The Sound of Music, in May 2023. Trained in the Indian classical dance form of Bharatnatyam.

Married to Mukesh Ambani since 1985, she is also a member of the International Olympic Committee and an honorary trustee of the Board of the Metropolitan Museum of Art in New York.

Nita Ambani already has extensive experience in promoting sports and arts in the country.

Nita Ambani already has extensive experience in promoting sports and arts in the country.

Their three children — a daughter Isha, and two sons, Anant and Akash — have also been playing bigger roles at the family business. Mukesh Ambani insisted in 2022, when laying out the succession plan, that he has no intention of retiring any time soon.

Nita Ambani said last year in a rare TV interview that she has never differentiated between her sons and daughter, believing that whatever her boys could do, her daughter could do too.

She emphasized the importance of giving young girls the opportunity to break and shatter glass ceilings, stating that they will shine if given the chance. Nita also stressed that equal pay is a necessity in the corporate world.

In the last decade, there has been a notable improvement in the representation of women in Indian boardrooms. A report by consultancy EY revealed that nearly 95% of the top 500 companies listed on the National Stock Exchange had at least one female board member in 2022, marking a significant increase from 69% in 2017.

Despite this progress, EY pointed out that less than 5% of companies have female chairpersons. The report, published in 2022, highlighted that there is still ample opportunity for further enhancement in this area.

Nita Ambani has ascended to the position of the most influential woman in the Indian media and entertainment industry, valued at over $25 billion and showing significant growth.

Reliance will maintain majority ownership of the combined entity, with just over 63% stake - consisting of 16.3% held directly and 46.8% through Viacom18, a company in which it holds a controlling interest. The remaining stake will be held by Disney.

The companies stated that the joint venture is anticipated to reach a domestic audience of more than 750 million viewers.

According to Mihir Shah, vice president of research firm Media Partners Asia, the agreement has established a "powerful entity" that is ready to improve scale, profitability, and competitiveness in the country. This comes at a time when global streaming giants like Netflix (NFLX) and Amazon (AMZN) are also making significant moves in the market.

Editor's P/S:

Nita Ambani's return to the business world as the chairperson of the merged Disney-Reliance media conglomerate is a testament to her ambition and leadership skills. Despite her philanthropic endeavors in recent years, she has not lost her competitive spirit and is eager to make a significant impact in the Indian media landscape. Her appointment as chairperson is a bold move and reflects the growing role of women in leadership positions in India.

The article also highlights the importance of gender diversity in boardrooms and the progress made in recent years. Nita Ambani's advocacy for equal pay and opportunities for women is commendable, and her personal journey is an inspiration to aspiring female leaders. Her appointment as chairperson sends a strong message that women can achieve great heights in the corporate world and contribute significantly to the success of businesses.