Disney-Reliance merger approved

Disney and Reliance were given the green light to create India’s biggest entertainment company after Indian regulators approved their $8.5 billion merger on Wednesday.

Regulators were worried about the companies controlling most cricket broadcasting rights, but they relented after both entities made concessions to avoid hurting advertisers. The massive deal will boost Reliance owner — and Asia’s richest man — Mukesh Ambani’s grip over India’s $28 billion media and entertainment sector, Reuters reported.

The country’s market size has attracted big global players like Netflix and Prime Video, but the Disney-Reliance merger will “crush” them, Rest of World wrote, especially in the area of content variety.