When Mumbai commercial powerhouse Reliance Industries and Disney India decided to team up and form India’s largest broadcasting, production and streaming business, it was clear the ambition was as big as the $8.5 billion price tag slapped on the deal.

Reliance, owned by India’s most wealthy man, Mukesh Ambali, had control of channels biz Viacom18 plus ultra-popular low-cost streamer JioCinema and its sports content for a cricket-mad nation, while The Walt Disney Company’s Indian assets included Disney+ Hotstar, the leading streaming service in the country after its 2021 launch, and the Star India networks. When the Sony and Zee Entertainment Enterprises merger collapsed under the weight of regulatory scrutiny, the pathway became even clearer for the new kid on the block to assert dominance.

With a content library totaling more than 30,000 hours and estimated annual revenues of more than $3.1B, the newly named JioStar was set to get going,...