(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.

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

The merger creates India’s largest media group with annual revenue of $3.1 billion, combining streaming platforms JioCinema and Hotstar with more than 100 television channels. The venture claims over 50 million streaming subscribers and will produce 30,000 hours of television 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,

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.

Reliance Industries Limited, Viacom18 and Disney on November 14 announced that following the approval by the NCLT Mumbai, Competition Commission of India and other regulatory authorities, the merger of the media and JioCinema businesses of Viacom18 into Star India Private Limited has become effective.

Reliance Industries and Disney joint venture in India approved by regulators, creating a media powerhouse with TV channels, digital streaming, and