Reliance Industries shares gained up to 1.7% to Rs 2,958 in intraday trades before settling at Rs 2,930 (up 0.72%) on Thursday. On Wednesday, the company informed the exchanges that it had signed an $8.5 billion deal to form a joint venture with Disney to combine their media businesses. The benchmark Sensex and Nifty were up to 0.27% and 0.14%, respectively, on Thursday. While RIL’s shares reacted positively to the developments, other media companies from the group witnessed a decline in share prices.

The share price of Network18 Media and Investments and TV18 Broadcast fell 5% each. The shares of other media and entertainment companies also recorded declines, including Balaji Telefilms (down 5.4%), Eros International Media (down 4.3%), Saregama India (down 2%), NDTV (down…