Reliance and Disney Finalize $8.5B Indian Media Merger.

Reliance and Disney have completed their $8.5 billion media merger, creating a powerhouse in India’s entertainment and streaming markets. The joint venture combines Disney Star with Reliance-controlled Viacom18, commanding about 85% of India’s streaming market and nearly half of its television viewership, analysts say.

Reliance will invest $1.4 billion in fresh capital and hold 63.16% of the venture, with Disney retaining the remaining stake. This deal represents a strategic retreat for Disney from direct control of one of its most significant international markets.

Disney CEO Robert Iger emphasized the partnership’s potential to expand its reach in India, enhancing offerings across entertainment, sports, and digital services. Mukesh Ambani, Reliance’s managing director, highlighted the transformative impact of the merger, promising diverse, affordable content tailored to Indian audiences.

The combined entity, with annual revenue of $3.1 billion, merges streaming platforms JioCinema and Hotstar and over 100 television channels. It serves more than 50 million streaming subscribers and produces 30,000 hours of TV content annually. However, Reliance has not yet disclosed integration plans for Hotstar and JioCinema.

The joint venture secures India’s most lucrative media rights, including cricket properties like the IPL and ICC tournaments, as well as global events like the FIFA World Cup and Premier League. Viacom18 has also partnered with Warner Bros. and NBCUniversal to license their catalogs for the Indian market.

The venture will be chaired by Nita Ambani, with media veteran Uday Shankar as vice chair. Key leaders include Kevin Vaz (entertainment), Kiran Mani (digital), and Sanjog Gupta (sports). Shankar, who previously led Star India, returns after co-founding Bodhi Tree Systems, which holds a 16% stake in Viacom18 through a $525 million investment.