Reliance Industries seems to be zooming in on the media business with a strong push to both broadcasting as well as digital media.
The company is also planning to raise funds upwards of Rs 12,000 crore from financial investors, according to industry sources, to beef up the media business. Reliance will also invest its own capital into the domain.
With such a large financial war-chest, Reliance is ready to take on the likes of Amazon, Netflix and Hotstar.
Reliance has roped Uday Shankar, former Star & Disney India chairman, and James Murdoch, as strategic partners in the growing media business, according to the sources. Both individuals will play a vital role in contributing to the growth in the media business, they said.
Moneycontrol has reached out to Viacom18 for comment and will update the article with the response.
Reliance’s disruption strategy will be similar to what it did in the digital services business with Jio.
While Reliance will be the largest shareholder, Viacom’s stake is likely to come down, according to sources.
Network18 and TV18 – the companies that operate news18.com – are controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.
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Source: News18