Reliance, Disney announce merger; Nita Ambani to be chairperson

Reliance Industries, Viacom 18 Media, and Walt Disney have formed an $8.5 billion joint venture in India. Nita Ambani and Uday Shankar will lead the venture, which aims to merge Viacom18 and Star India. Reliance will hold a majority stake, and the partnership will create a significant presence in the TV and streaming sectors.