The Walt Disney Company (NYSE:DIS)?s India unit is being valued at less than half of what it hoped for in a proposed merger with Indian billionaire Mukesh Ambani?s media business, reflecting the struggle global media giants face in one of the world?s fastest-growing entertainment markets. After weeks of negotiations following a non-binding pact with Ambani?s Reliance Industries Ltd. to merge their entertainment business, Disney?s India assets are valued at around $4.5 billion, less than the $10 billion the US entertainment giant has previously pursued, according to people familiar with matter, who asked not to be identified as the discussions are private.