As the lead financial advisor to The Walt Disney Company on the $8.5 billion transaction joining its Indian media businesses with those of Reliance Industries, The Raine Group played a critical role bringing together the strengths of two global media powerhouses in one of the most transformative transactions in India’s media and entertainment sector. At close, the deal represented the largest media M&A transaction ever completed in India, and the largest M&A transaction to close in the country in 2024.
Combining Star India, Disney+ Hotstar, Viacom18 and JioCinema into JioStar, a new joint venture, set multiple industry ‘firsts’ and created India’s largest integrated media platform. JioStar now commands an unparalleled footprint across linear television, digital streaming and sports broadcasting – including more than 100 television channels, over 30,000 hours of content produced annually and two major streaming platforms serving hundreds of millions of viewers.
The merged platform also represents one of the world’s largest streaming services, with over 600 million users and more than 300 million paying subscribers, making it the second-largest streaming platform globally by scale and marking a key milestone in the evolution of India’s digital streaming ecosystem. This integration allows the joint venture to leverage Reliance’s telecom and digital infrastructure alongside Disney’s premium global content library, positioning it to capitalise on the explosive growth in digital media consumption across India.
In addition, JioStar benefits from exceptional reach and influence across sports broadcasting, one of the most valuable segments of India’s media landscape. The combined entity now controls rights to premium sporting events, including cricket and football, representing a powerful driver of advertising revenues and subscriber growth. Operating at scale, the platform represents as significant player in global sports rights auctions and advertising markets.
The impact of the deal was compounded by its unique strategic partnership structure, designed to align the long-term interests of both companies. Reliance invested approximately $1.4 billion in cash into the joint venture and assumed controlling ownership, while Disney retained a significant 37% stake, representing the company’s ongoing interest in supporting the growth of India’s rapidly expanding media market. As part of the agreement, Disney also entered into a long-term exclusive content licensing arrangement, allowing the joint venture to distribute Disney films and productions in India while securing consistent revenue streams for Disney.
The deal closed within just nine months of signing, inclusive of the extensive diligence, financial modelling and negotiation required to finalise shareholder, operational and commercial agreements.
This watershed transaction has redefined how global media partnerships can unlock scale, innovation and growth in one of the world’s most dynamic consumer markets. Beyond its immediate financial and strategic impact, the merger establishes a future-ready model for content distribution in an era of digital transformation.
“Creating JioStar with the backing of two industry heavyweights offered the unique opportunity to play a central role in developing the global media infrastructure of the future,” said Erik Hodge, Partner, The Raine Group. “Our global perspective as advisors provides key insight into the considerable opportunity emerging in growth markets like India as audiences and media appetites continue to evolve. We were pleased to capitalise on our seasoned expertise to reach such a positive outcome for all involved parties.”
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