(Reuters) - India's top conglomerate, Reliance Industries, and Walt Disney on Wednesday announced the merger of their Indian TV and streaming media assets, creating an $8.5 billion entertainment juggernaut in the world's most populous nation.

The merged entity will have 120 TV channels and two streaming platforms, and is set to challenge rivals such as Japan's Sony and Netflix in a $28 billion media and entertainment sector set to be worth $100 billion by the end of the decade.