Walt Disney Co.’s India unit is being valued at lower than half of what it hoped for in a proposed merger with Indian billionaire Mukesh Ambani’s media enterprise, reflecting the struggle world media giants face in one of many world’s fastest-growing leisure markets.

After weeks of negotiations following a non-binding pact with Ambani’s Reliance Industries Ltd. to merge their leisure enterprise, Disney’s India property are valued at round $4.5 billion, lower than the $10 billion the US leisure large has beforehand pursued, in keeping with folks acquainted with matter, who requested to not be recognized because the discussions are non-public.