Reliance and Disney Complete $8.5 Billion Merger

(Reuters) – Reliance Industries (NS:RELI) and Walt Disney (NYSE:DIS) have finalized the $8.5 billion merger of their Indian media assets. The merged entity has been divided into three divisions, each with its own CEO.

Divisions

1. Entertainment: This division includes Reliance's Colours TV channels and Disney's Star. It will be led by Kevin Vaz, the current head of Reliance's Viacom 18 Media.
2. Digital: Home to online streaming platforms JioCinema and Hotstar, the digital organization will be led by Kiran Mani, a former Google executive.
3. Sports: This division, overseeing Disney's Indian media sports operations, will be led by Sanjog Gupta.

The completion of the merger follows key approval from India's antitrust regulator, addressing concerns about their control over broadcasting rights for cricket, a favored sport in India.

This merger establishes India's largest entertainment player, encompassing 120 TV channels and two streaming services, putting it in competition with Sony (NYSE:SONY), Netflix (NASDAQ:NFLX), and Amazon (NASDAQ:AMZN).