Reliance Industries Limited (RIL) has officially announced the merger of Viacom18 and The Walt Disney Company. With this merger, Viacom18 Media and JioCinema merged with Star India.

The post-merger joint venture is valued at $8.5 billion (₹70,352 crore). Viacom18 will hold 46.82 per cent stake in the venture, Disney will hold 36.84 per cent stake and the remaining 16.34 per cent stake will be held by RIL.

Nita Ambani will be the chairman of this joint venture, while Uday Shankar will serve as the vice-chairman.

JioCinema and Disney's Hotstar will be merged on the digital platform, while Star and Colours channels will be merged on the television front.

"With the formation of this joint venture, the Indian media and entertainment industry will embark on a new transformation. Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited, said, "I am confident that RIL's know-how and relationship with Disney, which understands the tastes of customers in India, will deliver superior service to customers at an affordable price.