(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.

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 and Disney have completed their landmark Indian media merger, creating an $8.5 billion entertainment powerhouse in the country's streaming and Reliance and Disney complete landmark Indian media merger,