The $8.5 billion transaction will see the corporation combine its Star India service with Viacom18, which is supported by Reliance Industries, owned by Mukesh Ambani.
The new company, which is expected to become one of the largest media players in India, will be led by Reliance.
It promised to invest $1.4 billion (£1.1 billion) to support the company’s expansion.
The “landmark agreement that heralds a new era in the Indian entertainment industry” was described by Mr. Ambani, who made his fortune in the oil and chemical industries and is currently valued over $100 billion by Forbes.
The businesses stated that they anticipated the acquisition, which requires clearance from regulate to further process it.
