Disney, Reliance overcome cricket concerns to win approval for $8.5 billion India merger

and Reliance Industries won approval on Wednesday for an $8.5 billion merger of their Indian media assets after assuaging regulatory worries about their grip on broadcasting rights for cricket, India's favourite sport.

It will also give Reliance owner Mukesh Ambani, Asia's richest person, a stronger hold on the $28 billion media and entertainment sector. The regulatory nod comes a day before Ambani is set to address Reliance shareholders at its Annual General Meeting. Reliance and Disney have spent roughly $9.5 billion in recent years for TV and streaming rights for the world's richest cricket tournament, the Indian Premier League, the International Cricket Council's matches such as the one-day and T20 World Cups, and matches organised by the Indian cricket board.

Disney and Reliance's merged entity will also own Indian broadcast rights for the Wimbledon tennis championship, MotoGP and the English Premier League, among other sporting events.

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