The Economic Times reported on Monday, citing unnamed sources, that Walt Disney and Reliance Industries, the most valued firm in India, have signed a non-binding term sheet to combine their Indian media assets.

Reliance would possess 51% of the combined company through cash and shares, while Disney would own the remaining 49%, according to the publication. This would give Indian billionaire Mukesh Ambani’s Reliance business more authority.

Subject to regulatory approvals, Reliance hopes to conclude the process by the end of January, but the deal is expected to close by February, the company stated.

Disney and Reliance did not immediately reply to calls for comment from Reuters.

Two weeks ago, Reuters revealed that executives from the corporation were gathering in London to discuss on the next stage of the media merger.

One of India’s largest entertainment empires would be formed by the merger, going up against streaming giants like Netflix and Amazon Prime as well as television companies like Zee Entertainment and Sony.

Reliance uses Viacom18, its media and entertainment division, to operate a number of TV stations as well as the JioCinema streaming app. Disney and Ambani are engaged in a heated dispute over Ambani’s offer to webcast the Indian Premier League cricket event for free. Disney used to own the digital rights to the league in India.

In recent quarters, this has caused a subscriber exodus from Disney’s streaming service Hotstar. Disney has been considering a sale or joint venture for its India business, which consists of numerous TV channels, since the beginning of this year. According to the Economic Times, the planned agreement would establish a division under Reliance’s Viacom18 to acquire control of Star India through a stock exchange. It stated that the parties are developing a plan to invest $1 billion to $1.5 billion in the company, but it did not say how much of this would come from each party or as a whole.

According to the newspaper, Reliance and Disney are anticipated to have an equal number of directors on the board, with at least two representatives each. Additionally, the report stated that they are considering adding at least two independent directors, but this may change in the upcoming weeks.