(Reuters) - Reliance Industries and Walt Disney on Thursday completed the $8.5 billion merger of their Indian media assets, which have been split into three divisions, with each unit having its own CEO.

Reliance Industries and Disney completed their long-awaited media merger, creating an Indian powerhouse valued at $8.5 billion.

Head of newly formed Jio Star says traditional linear format is still important in the country during streaming era

The joint venture has combined revenue of $3.1 billion and over 100 TV channels, 50 million subscribers, and 30,000 hours of TV entertainment content annually

The transaction valued the joint venture (JV) at $8.5 Bn (INR 70,352 Cr) on a post money basis

Disney merger has established the leading media and entertainment conglomerate in India. The combined entity will feature more than 100 TV channels and two streaming platforms.

Disney and Reliance Industries have completed the $8.5B deal to form a media and entertainment giant in India. This brings together Reliance’s JioCinema business with Disney’s Star India, which houses Disney+ Hotstar,

Reliance Industries Limited (RIL) and Disney (NYSE:DIS) have received final approvals from competition regulators based in Mumbai for their $8.5B Indian joint initiative, which will leverage over 100 TV channels and have access to over 50M subscribers on digital streaming platforms and a portfolio of sports rights,

The joint venture will be one of the largest Media & Entertainment companies in India with pro forma combined revenue of approximately $3.1 billion.