(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.

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.

In a strategic merger that underscores the growing influence of media conglomerates in India, Reliance Industries and Walt Disney completed an $8.5 billion deal to form a new media powerhouse. This joint venture (JV), valued at INR 70,532 crore, is structured around three key divisions: entertainment, digital streaming, and sports.