(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.

Media and entertainment heavyweights Reliance Industries (RIL) and Walt Disney have completed the merger of their various Indian media assets - including the Viacom18 and Star India broadcasters - in a deal worth $8.

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

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 and Disney have completed their landmark Indian media merger, creating an $8.5 billion entertainment powerhouse that will dominate the streaming and television markets in the world's most populous nation.

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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,