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India Business News: Reliance Industries and Walt Disney have signed a binding pact to merge their media operations in India in an $8.5-billion deal. The merger will create a behemoth with 120 TV channels and two digital OTT platforms. Reliance will own 63% in the merged entity, while Disney will hold the remaining 37%. Nita Ambani will lead the merged company's board.

The Walt Disney Co. forms an $8.5 billion joint venture with Reliance Industries in India. Reliance will be the senior partner and the deal aims to leverage Reliances understanding of the Indian market. The partnership will create a media powerhouse in India.

Sujit Jaiswal/AFP/Getty Images Indian billionaire businessman Mukesh Ambani with his wife and founding chairwoman of the Reliance Foundation, Nita M. Ambani.

Disney said it struck a deal to form a joint venture valued at $8.5 billion that will combine its Star India business with Viacom18, an Indian media company.

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Indian billionaire Mukesh Ambanis Reliance Industries and Walt Disney Co. sign an $8.5 billion agreement for a merger, forming a dominant media giant in India. Reliance controls over 60% of the new entity, securing a powerful position in Indias entertainment market. The joint venture gains exclusive rights to distribute Disney content in India and marks a significant boost for Reliances streaming platform, Jio Cinema

Key questions for regulators and consumers to consider are whether this consolidation will indeed enhance service quality and competitive pricing or, conversely, lead to fewer choices and potential misuse of consumer data for corporate gain.

Get latest articles and stories on Business at LatestLY. Indian stock indices were steady Thursday morning, with investors bracing for October-December quarterly GDP data slated to be released later in the day. Business News | Indian Stock Indices Steady Ahead of Q3 GDP Data Release.

Post the Rs 70,352-crore JV with Reliance, what it does with its 36.84% holding will be interesting

Find out how the merger between Reliance Industries and Walt Disney will impact Reliance Jio users. Get access to exclusive Disney content through JioCinema and Disney+Hotstar. Learn more about the leading TV and digital streaming platforms in India.