(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.

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

India’s entertainment landscape shifted Thursday as Reliance Industries and Disney completed their long-awaited media merger, creating an Indian powerhouse valued at $8.5 billion. The deal combines Disney’s Star India with Reliance’s Viacom18 and streaming platforms JioCinema and Hotstar.

Reliance and Disney have completed their landmark Indian media merger, creating an $8.5 billion entertainment powerhouse in the country's streaming and Reliance and Disney complete landmark Indian media merger,

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,

The $8.5 billion merger of Disney and Reliance Industries was completed on Thursday with Nita Ambani taking over as the Chairperson of the joint venture.

Mukesh Ambani-led Reliance Industries on Thursday completed the merger of its media assets with with the India business of global media house Walt Disney

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,