Disney has joined forces with Reliance Industries to form an $8.5 billion media giant in India. Photo: Patrick T. FALLON / AFP/FileSource: AFPIndia's Reliance Industries and Walt Disney have agreed to merge their Indian media businesses, creating a $8.5 billion entertainment giant in the world's most populous nation. India's entertainment market is already one of the world's biggest, with the merger expected to further shake up the multi-billion-dollar industry. The statement said Disney will hold 36.8 percent, Reliance will hold a 16.3 percent stake, and Viacom18 another 46.8 percent. The announcement comes less than a month after Sony and Zee called off a $10 billion merger that would have been a formidable force against Reliance and Disney.
