The merger creates India’s largest media group with annual revenue of $3.1 billion, combining streaming platforms JioCinema and Hotstar with more than 100 television channels. The venture claims over 50 million streaming subscribers and will produce 30,000 hours of television content annually.

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.

Reliance will effectively be in control of the venture, owning 16.34% directly and another 46.82% through Viacom18, which is consolidated earlier this year. Disney will have the remaining 36.84%. Industry giant Reliance is planning to pump ₹ 11,