From Disney-Reliance merger to Trump in White House: A world in flux

The past few weeks have been marked by transformative developments spanning business, geopolitics, and a shocking corporate scandal. On November 14, Reliance Industries Ltd (RIL) and Disney finalised a merger at a valuation of Rs 70,352 crore. The joint venture combines RIL’s technological prowess with Disney’s rich content library, creating a media juggernaut. The entity boasts over 100 television channels in nine Indian languages, two OTT platforms, and 30,000 hours of annual TV content in the general entertainment space. It is the scale and reach—750 million viewers come to these platforms collectively every week—that causes some concern around competition. Reliance-Disney now commands a 33% market share through its OTT platforms JioCinema and Disney+ Hotstar, making it the largest player. Uday Shankar, Vice Chairperson of the merged entity, envisions using this scale to reinvent the viewer experience, focussing on diverse content across genres and platforms. In our cover story, Krishna Gopalan does a deep dive into this space.

Elsewhere in the world, Donald Trump’s re-election as the 47th US President has sent ripples through global trade and diplomacy. His protectionist stance includes pledges to raise tariffs on Canada, Mexico, and China, potentially impacting India. India’s trade relations with the US, though steady, have often been contentious, with disputes over tariffs and market access. Indian policymakers are now closely monitoring Trump’s policies, particularly as the domestic economy navigates a slowdown, writes Surabhi.

In other news, the US Department of Justice’s indictment of Gautam Adani and others on allegations of bribery has rattled the Adani Group’s global ambitions. The US Securities and Exchange Commission has reportedly summoned Adani, and while the group has denied the charges, there is no doubt that it faces several challenges, including contract cancellations and funding uncertainties. These developments are likely to complicate the Adani Group’s reliance on foreign debt, which constitutes 54% of its total borrowing, writes Anand Adhikari.

Amid these uncertainties, Indian businesses display a mix of hope and caution. The BT-C Fore Business Confidence Index rose to a nine-year high of 56.7 in Q2FY25, reflecting optimism driven by bountiful rains and the festive season. However, concerns linger over urban demand, external challenges, and Middle Eastern conflicts, tempering expectations for the fiscal’s second half. This outlook underscores the delicate balance businesses must navigate in an era of rapid change.

From media consolidation to geopolitical shifts, and questions over corporate governance in one of India’s largest conglomerates with 10 listed entities, the events of the recent past once again underscore the interconnected nature of today’s global economy.