• Reliance Industries and Walt Disney have completed an $8.5 billion merger of their Indian media assets, creating three distinct units: entertainment, digital, and sports.
• The merger, approved by India's antitrust regulator, will create India's biggest entertainment player, competing with Sony, Netflix, and Amazon.
• Social media platform Bluesky is gaining users, while the Wholesale Producer Price Index inflation rose 0.2% in October, and APA Corporation reported lower earnings.
• The Reliance-Disney merger marks a significant shift in the Indian media landscape, highlighting the rapidly evolving global business environment.

In a landmark development in the Indian media industry, Reliance Industries and Walt Disney have successfully completed an $8.5 billion merger of their Indian media assets. The merger, which was finalized on Thursday, has resulted in the division of the combined assets into three distinct units, each with its own CEO. The newly formed divisions include entertainment, digital, and sports.

The entertainment division will house Reliance's Colors TV channels and Disney's Star. The digital division will be home to online streaming platforms JioCinema and Hotstar. The sports division will be led by Sanjog Gupta, who currently heads sports at Disney's Indian media operations.

Former Google executive Kiran Mani, who leads JioCinema, will take charge of the digital organization. This follows the resignation of Disney Hotstar's CEO Sajith Sivanandan last month as the business integration for the merger gathered pace.

The Impact of the Merger and Future Prospects

The entertainment division will be led by Kevin Vaz, who is currently the top boss at Reliance's Viacom 18 Media. The completion of the merger comes after the companies won key approval from India's antitrust regulator in August. The regulator had expressed concerns about their grip on broadcasting rights for cricket, India's favorite sport.

The merger will create India's biggest entertainment player, with 120 TV channels and two streaming services. The new entity will compete with Sony, Netflix, and Amazon. The joint venture is controlled by Reliance Industries Limited and owned 16.34% by RIL, 46.82% by Viacom18, and 36.84% by Disney. Nita Ambani will be the Chairperson of the venture, with Uday Shankar taking on the role of the Vice Chairperson.

Other Significant Developments in Various Sectors

In other news, social media platform Bluesky is adding millions of users as people flee X after Donald Trump was elected U.S. President. Bluesky has gained about 2.5 million new users in the past week, raising its total users to more than 16 million. It is among a slew of apps looking to replace the platform formerly known as Twitter after Musk's takeover.

In the financial sector, the Wholesale Producer Price Index inflation rose 0.2% in October and is up 2.4% annually, according to a Thursday report from the Bureau of Labor Statistics. The PPI numbers matched the Dow Jones consensus forecast. The Fed is expected to cut interest rates again in December based on inflation data.

In the energy sector, U.S. energy operator APA Corporation reported third-quarter 2024 adjusted earnings of $1 per share, missing the Zacks Consensus Estimate of $1.03 and deteriorating from the year-ago adjusted figure of $1.33. The underperformance primarily reflects lower commodity prices and higher costs.