The Walt Disney Company has reached a pact to sell 60 percent of its India business to Viacom18, according to reports in the Wall Street Journal, which was quoted by CNBCTV18 today.

According to the report, the pact values the India business at $3.9 billion and the transaction is likely to close this month. In rupee terms, this comes up to ₹33,000 crore.

Media reports had earlier suggested that both Reliance Industries and Disney had signed a non-binding term sheet last month to merger their India operations.

Earlier reports had also pegged the deal value at $10 billion. The dip in valuation is partly attributed to a write-off of revenue from the sale of cricket TV rights by Disney to Zee, the CNBCTV18 report added.