India, March 1 -- On February 28 2024, Reliance Industries Limited, Viacom 18 Media Private Limited, and The Walt Disney Company announced a joint venture (JV) to combine the businesses of Viacom18 and Star India and create a media juggernaut in India. Valued at around $8.5 billion, the JV will combine ~120 TV channels across different content genres and bring iconic media assets like Colors, StarPlus, Disney HotStar and Jio Cinema under one umbrella. With a viewership of more than 750 million and combined revenues of more than INR 25000 crore, the entity will be the largest media company in India.

The magnitude of the numbers is undeniable, but hidden within the fine print is another significant revelation, a not insignificant developme...