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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Kerala polls: ‘People rejected 10 years of misrule’, says AICC gen secy
Thiruvananthapuram (PTI): AICC General Secretary K C Venugopal on Monday said the Congress-led UDF’s sweeping victory in the Kerala Assembly polls was a clear verdict against the “arrogance”, corruption, and nepotism of the CPI(M)-led LDF government headed by CM Pinarayi Vijayan.
Addressing a press conference as counting of votes for all 140 Assembly constituencies neared completion, Venugopal said the outcome reflected public anger against what he termed “10 years of misrule” by the Left government.
He claimed that Vijayan’s victory in his home constituency, Dharmadam, was “only technical”, alleging that the CM trailed the UDF candidate in the initial rounds of counting and failed to secure a majority in his own village.
“He just escaped. He suffered a setback even in his home turf. He was the only person who did not realise the people’s mood in this election,” Venugopal said.
Alleging that the CPI(M) and the LDF had resorted to “communal and opportunistic politics”, he further claimed that the ruling front had entered into a “secret understanding” with the BJP in a bid to retain power for a third consecutive term.
He said that when a government driven by power and arrogance attempts to align with anyone to stay in office, even its own cadre turns against it.
Referring to the results, Venugopal said that while the UDF expected rebel CPI(M) leaders, including K Kunhikrishnan in Payyannur, to impact the vote share, their victories came as a surprise.
Describing the UDF’s performance as a “historic victory”, he attributed it to coordinated teamwork, grassroots mobilisation, and the dedication of party workers, adding that the alliance accepted the mandate “with humility”.
Venugopal also credited Rahul Gandhi’s campaign guarantees, calling them a “trump card” that helped voters focus on real issues and reject what he described as the LDF’s “false narratives”.
He claimed that the Congress witnessed one of its lowest levels of rebellion in this election, which contributed to the alliance’s strong performance.
The senior Congress leader further alleged that the BJP managed to win two seats with the help of the CPI(M), and asserted that forces attempting to divide society on communal lines should “learn a lesson” from Kerala’s verdict.
“This is the real Kerala story,” he said.
On the question of the next Chief Minister, Venugopal said the party leadership would decide at the earliest after due consultations.
The counting of votes began on Monday morning for all 140 Assembly constituencies in Kerala, where the Congress-led UDF secured a decisive majority, defeating the CPI(M)-led LDF, which was seeking an unprecedented third consecutive term in office.
Congress MP Rahul Gandhi (@RahulGandhi) posts, "Thank you to my brothers and sisters in Keralam for a truly decisive mandate. Congratulations to every UDF leader and worker for a hard-fought, well-run campaign. As I said before, Keralam has the talent, Keralam has the potential… pic.twitter.com/6T4IZbEmp4
— Press Trust of India (@PTI_News) May 4, 2026
