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Disney and Reliance to merge media businesses in India

Idrees Abbas | Lightrocket | Getty Images

Entertainment titan Walt Disney and Indian conglomerate Reliance will merge their Indian businesses, the U.S. entertainment giant announced Wednesday.

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.

This is a breaking news story, please check back later for more.

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