India's antitrust regulator has raised concerns that the proposed $8.5 billion merger between Reliance and Walt Disney could potentially harm competition in the market, particularly with regards to cricket broadcasting rights.

"The merger could lead to a significant concentration of market power, which could harm competition and ultimately affect consumers," said a spokesperson for the Competition Commission of India (CCI). "We need to ensure that the deal does not stifle competition and innovation in the market."

The CCI's concerns center around the fact that the merged entity would hold a significant share of cricket broadcasting rights in India, potentially limiting access for other players in the market.

"Cricket is a highly popular sport in India, and the broadcasting rights are highly coveted," said a market analyst. "If the merged entity were to hold a dominant position in the market, it could lead to higher prices and reduced choices for consumers."

The merger, which was announced earlier this year, would bring together Reliance's media and entertainment business with Disney's Indian operations, creating a media powerhouse with a significant presence in the Indian market.

"We believe the merger would bring significant benefits to consumers and the market as a whole," said a spokesperson for Reliance. "We are working closely with the CCI to address their concerns and ensure a smooth completion of the deal."

The CCI's review of the merger is ongoing, and a final decision is expected in the coming weeks.