Reliance Disney finalize $8.5 billion merger, forming India's largest entertainment giant
New Delhi: Reliance and Walt Disney agree to $8.5bn media merger Reliance Industries has struck a deal with the US entertainment giant Walt Disney that will create India's largest-ever entertainment opportunity by combining their respective portfolios under one roof, resulting in an USD 8.8bn in revenue for content owners.. The resulting merged company has equal parts of both rumour and worry surrounding its creation, however with 750 million viewers across their combined TV channels in over 120 countries, the newly formed group will have a dominant 40% share of the market; along with already being number one advertiser & streamer for sports.
This merger supports Reliance's expansion plans while giving Disney a better footing in the difficult Indian market. This new combined company creates an increasingly competitive landscape against Netflix, Amazon Prime Video, Sony and your 50+ other streaming services particularly when one considers the Hollywood talent that Fandango is now able to bring in from its past decades years as a specialized ticket distributor for movies.
Considering the combined size of the two businesses, more than 70 TV channels are available in eight languages on Disney's Star India. Viacom18 (N/A) from Reliance broadcasts 37 channels in a subset of eight languages. They both also own movie studios and two of the biggest streaming services, Jio Cinema and Hotstar. According to Elara Capital, the businesses are positioned to control 75–80% of the Indian sports streaming market across both TV and digital platforms due to their dominance in broadcasting important Indian sports events, such as the Indian Premier League (IPL)..
“The growing influence of this new media giant, particularly in cricket, puts Reliance and Disney in a prime business position,” says Karan Taurani, an analyst at Elara Capital. He describes the merged entity as a "large media juggernaut" with significant control over the sports-driven viewership market, which heavily influences advertising revenue.
The merger has sparked concerns over potential monopolistic dominance, with critics questioning whether it concentrates too much power in a single player. KK Sharma, former head of the Competition Commission of India (CCI)'s merger control division, remarked, “The emergence of a giant in the market… with the next competitor struggling with market share in a single digit, would make any competition agency sit up and take notice.”
India's competition watchdog, the CCI, approved the deal with a condition that makes it “subject to the compliance of voluntary modifications.” While these modifications haven't been made public, reports suggest that the companies have pledged not to excessively raise advertising rates for cricket streams. Sharma noted that the CCI retains the right to intervene if the merged company threatens market competition.
Reliance and Disney have a lot to gain from consolidating their market positions in an increasingly competitive Indian streaming market. Analysts, however, warn that smaller competitors might see a dip in earnings. “The Indian market values bundling and is price-sensitive,” says Taurani. The merged entity could offer a comprehensive package of web series, movies, sports, original content, and global catalogues, making it hard for competitors to match.
Taurani also points out that Reliance’s vast telecom subscriber base, particularly through Jio, adds another advantage. “Other streaming companies may find it difficult to raise prices if this combined entity can leverage Jio's subscriber base.”
Reliance’s pricing strategy has already proven successful. When it launched Jio in 2016, it disrupted the market with affordable mobile data, and now JioCinema offers subscriptions for as little as 29 rupees ($0.35) a month. Mukesh Ambani, Reliance's chairman, has promised “unparalleled content at affordable prices” from this new deal.
Vanita Kohli-Khandekar, a media industry expert, warns that while smaller streaming competitors might struggle, bigger challenges may come from global giants like Google, Meta, and Amazon, who have been aggressively expanding in India. She notes, “Some 80% of digital revenues go to Google and Meta, so you have to have scale, and finally, you have a company that can take on some of the large global majors operating in India.”
Kohli-Khandekar cautions that while the new entity has scale, it will also need to deliver high-quality content. She adds, “If the streaming market becomes more dependent on views rather than subscriptions, programming quality will be good only on one or two apps. That is something I would watch out for.”
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Informing Pakistan ahead of Operation Sindoor was a crime: Rahul Gandhi on Jaishankar's 'admission'
New Delhi, May 17 (PTI): Congress leader Rahul Gandhi on Saturday hit out at the government for "informing" Pakistan about targeting terror infrastructure as part of Operation Sindoor, saying it was a crime and asking who had authorised it.
In a post on X, Gandhi questioned External Affairs Minister (EAM) S Jaishankar for publicly admitting that the government of India (GOI) had informed Pakistan of the action and asked how many aircraft the Indian Air Force lost as a result.
"Informing Pakistan at the start of our attack was a crime. EAM has publicly admitted that GOI did it. Who authorised it? How many aircraft did our air force lose as a result?" said Gandhi, the leader of opposition in the Lok Sabha.
He also shared an undated video of Jaishankar saying India had informed Pakistan of the action against terror infrastructure on its soil.
Jaishankar can be heard saying in the video, "At the start of the operation, we had sent a message to Pakistan, saying, 'We are striking at terrorist infrastructure and we are not striking at the military.'"
"So the military has the option of standing out and not interfering in this process. They chose not to take that good advice," the minister can be heard saying in the clip.
The Press Information Bureau (PIB), however, has debunked claims that Jaishankar had said India informed Pakistan ahead of Operation Sindoor. In a post on X, the PIB's Fact Check Unit said the minister had not made any such statement and that he was being misquoted.
Operation Sindoor was the Indian offensive against terror camps in Pakistan and Pakistan-occupied Kashmir (PoK) following the April 22 terror attack in Pahalgam.
Informing Pakistan at the start of our attack was a crime.
— Rahul Gandhi (@RahulGandhi) May 17, 2025
EAM has publicly admitted that GOI did it.
1. Who authorised it?
2. How many aircraft did our airforce lose as a result? pic.twitter.com/KmawLLf4yW
