Reliance Industries shares were upbeat on Thursday after the conglomerate announced the merger with Disney‘s Star. However, this is not the first time the Mukesh Ambani-led conglomerate has made waves in the media and entertainment landscape. Nearly a decade back, Reliance bought one of India’s biggest media houses, Network 18.

The Investment: Now if you had invested ₹10,000 after the acquisition was announced in May 2014, you would have got around 220 shares of the company. Today, those 220 shares would be worth around ₹23,000.

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The Disney Deal: On Wednesday, the conglomerate announced the signing of a deal to merge Viacom18 and Star India into a powerful joint venture. With an estimated valuation of ₹70,352 crore ($8.5 billion), the JV will be structured with RIL holding a 16.34% stake, while Viacom18 and Disney will own 46.82% and 36.84% respectively.

This partnership between RIL, Viacom18, and Disney is poised to establish India’s largest media empire, spanning TV broadcasting, streaming services, movies, and sports.

Reacting to the merger both Jefferies and Motilal Oswal maintained their “buy” rating on Reliance. The analysts at Jefferies have a price target of ₹3,140 while Motilal Oswal analysts have a price target of ₹3,210.

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