"Disney's $8.5 Billion Merger Creates Media Giant in India"

Disney is merging its Star India service with Viacom18, backed by Reliance Industries, in an $8.5bn deal led by Asia's richest man, Mukesh Ambani. Reliance will inject $1.4bn to help the firm grow, creating one of the biggest media forces in India. The joint venture aims to address challenges in the Indian streaming market, where Reliance outbid Disney for rights to stream the popular India Premier League cricket tournament in 2022. The deal, expected to be completed by the end of this year or early next year, will see Disney owning a 37% stake, Viacom18 holding 47%, and Reliance having 16%.