The Competition Commission of India (CCI) has approved the $8.5 billion merger of Reliance Industries and Walt Disney Co's Indian media assets, creating the country's largest media empire. This merger will combine assets from Viacom18, Star India Private Limited, and others, resulting in a portfolio of 120 TV channels and two streaming services. Reliance Industries will hold a 63.16% stake while Disney will own 36.84% of the new entity. The approval came with certain voluntary modifications to address concerns about the merged entity's control over cricket broadcasting rights and potential impacts on advertisers. Both companies have pledged not to unreasonably increase advertising rates for streamed cricket matches. The merger aims to position the new entity against competitors like Sony, Netflix, and Amazon.