Reliance, its portfolio Viacom18 and Disney are merging their media businesses in India, creating the largest media entity in the South Asian market. Reliance will control and own 16.34% of the joint venture, which it has valued at $8.5 billion. Disney will own 36.84% stake in the merged entity whereas Reliance-backed Viacom18, which also counts Paramount Global and James Murdoch’s Bodhi Tree among its backers, will own 46.82% stake. Reliance, which is India’s most valuable firm, said it sees an...