Disney shares rocketed higher in Thursday trading after the major studio, led by CEO Bob Iger, reported its latest quarterly results, including strong film unit results, driven by the likes of Deadpool & Wolverine and Inside Out 2.

The streaming profit and studio are bright spots, while income from cable and theme parks declines.

Shares of The Walt Disney Company (DIS) rose in premarket trading Thursday as revenue and adjusted profit topped analysts' estimates. The entertainment giant reported $22.57 billion in revenue, up from $21.

The head of Disney and Reliance Industries’ newly merged $8.5bn Indian entertainment titan plans to invest and “revitalise” television in the world’s most populous country even as western media organisations increasingly see it as a dying medium.

Reliance Industries and Walt Disney on Thursday completed the $8.5 billion merger of their Indian media assets, which have been split into three divisions, with each unit having its own CEO. The companies said the newly formed divisions are entertainment,

India’s entertainment landscape shifted Thursday as Reliance Industries and Disney completed their long-awaited media merger, creating an Indian powerhouse valued at $8.5 billion. The deal combines Disney’s Star India with Reliance’s Viacom18 and streaming platforms JioCinema and Hotstar.