(Reuters) - Reliance Industries and Walt Disney on Thursday completed the $8.5 billion merger of their Indian media assets, which have been split into three divisions, with each unit having its own CEO.

Viacom18 Media Private Limited, and The Walt Disney Company announced on Thursday the official completion of their merger, which combines Viacom18’s media and JioCinema businesses with Star India Private Limited (SIPL),

The joint venture will be one of the largest Media & Entertainment companies in India with pro forma combined revenue of approximately $3.1 billion.

The joint venture will be spearheaded by three CEOs - Kevin Vaz, Kiran Mani and Sanjog Gupta across entertainment, digital, and sports respectively.

Reliance Industries owns 16.34% stake in the JV, while its subsidiary Viacom18 holds 46.82% and Disney controls remaining 36.84% in the merged entity.

Head of newly formed Jio Star says traditional linear format is still important in the country during streaming era

India’s entertainment landscape shifted Thursday as Reliance Industries and Disney completed their long-awaited media merger, creating an Indian powerhouse valued at $8.5 billion. The deal combines Disney’s Star India with Reliance’s Viacom18 and streaming platforms JioCinema and Hotstar.

Disney and Reliance Industries have completed the $8.5B deal to form a media and entertainment giant in India. This brings together Reliance’s JioCinema business with Disney’s Star India, which houses Disney+ Hotstar,