Reliance Industries and Walt Disney have discussed integrating their Indian entertainment operations, but have not reached a comprehensive agreement on structures or valuations.

Reliance Industries and Walt Disney, who have both opened new tabs, have held talks to integrate their Indian entertainment operations, according to two people familiar with the matter who spoke to the media on Tuesday. However, they haven't reached a comprehensive agreement on structures or valuations.

According to the first person with direct information, discussions over a potential joint venture that would see Reliance acquire a controlling stake have taken place between the two parties in recent weeks.

One of India's largest entertainment conglomerates would result from the merger, putting it up against TV companies like Zee Entertainment, Sony, and streaming behemoths like Netflix, Amazon, and Zee Entertainment, among others.  According to the source, the firms cannot agree on whether the media division — Disney or Reliance — is more valuable. The businesses are finalizing the specifics of a non-binding term sheet to merge their operations in India, with Reliance potentially holding a 51% interest, according to a report published in the Economic Times newspaper earlier in the day.

Disney and Indian billionaire Mukesh Ambani's Reliance are in a dispute over Ambani's offer to stream the Indian Premier League cricket event for free, with Disney previously owning digital rights to the league in India.