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With this acquisition, Reliance Industries, a multinational conglomerate already the majority shareholder in Viacom18, will solidify its position further in the Indian media landscape.

The companies will be combining their respective Star India and Viacom18 units into the newly created Star India joint venture, valued at roughly $8.5 billion on a post-money basis, excluding synergies. The venture will have over 750 million viewers in the coveted Indian market.

NBCUniversal and JioCinema, Viacom18’s streaming service, have entered into a multi-year partnership bringing thousands of hours of NBCUniversal’s films and television series to India.