Reliance Industries seems to be zooming in on the media business with a strong push to both broadcasting as well as digital media.
According to industry sources, the company is also planning to raise over Rs 12,000 crore from financial investors to strengthen the media business. Reliance will also invest its capital in this domain.
With such a huge financial war, Reliance is set to take on the likes of Amazon, Netflix and Hotstar.
According to sources, Reliance has roped in Uday Shankar and James Murdoch, former chairman of Star and Disney India, as strategic partners in the growing media business. He said that both the individuals will play a vital role in contributing to the growth of the media business.
Moneycontrol has reached out to Viacom18 for comment and will update the article with a response.
Reliance’s divestment strategy will be similar to what it did with Jio in the digital services business.
According to sources, Reliance will be the largest shareholder, but Viacom’s stake is likely to drop.
Network18 and TV18 – the companies that operate news18.com – are controlled by the Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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