Mukesh Ambani’s Reliance Industries will control what is left of Disney’s grasp at India’s burgeoning media market.

The Walt Disney Company announced on Wednesday a joint venture with India’s biggest conglomerate, Reliance Industries, in an $8.5 billion deal that will create a media powerhouse in the world’s most populous nation and end Disney’s decades-long solo effort to gain a foothold in the market.

Reliance Industries, which is owned by Mukesh Ambani, India’s richest person, will be Disney’s senior partner in the deal. With $239 billion in market capitalization and rights to the wildly popular Indian Premier League cricket matches, Reliance is a juggernaut in the media landscape in India.

Disney and Reliance already had a combined market share of about 40 to 45 percent in advertising and about the same fraction of streaming, giving them a big edge over competitors, said Karan Taurani, a research analyst at Elara Capital.

“This will lead to better

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