Business
Reliance scraps merger of Viacom18 with Sony after ‘strategic rethink’
Billionaire Mukesh Ambani’s Reliance Industries has called off the proposed merger of his group’s entertainment business with Sony Pictures Networks India following a strategic rethink.
Ambani’s television networks housed in Viacom18 Media Pvt Ltd were to merge with Sony Corp, with the Japanese giant having a bigger stake in the merged entity.
However, Reliance has now had a rethink and has decided not to pursue the merger route, sources with direct knowledge of the development said.
Instead, the company is now keen to invest more in digital content creation.
Digital media and entertainment is an essential pillar of telecom unit Jio’s digital business strategy, they said adding Reliance plans to invest aggressively and grow the digital media business.
Reliance, they said, wants to retain management control over the digital operations and invest behind creating India’s No.1 OTT destination as well as a broadcast platform.
Viacom18 Media Pvt Ltd is a joint venture between TV18 Broadcast Ltd and Viacom Inc. TV18 owns 51 per cent share in the unit.
Currently, Viacom18 operates more than 40 channels in seven languages.
It also operates a film company, Viacom18 Motion Pictures, video streaming platform Voot, has interests in live events and merchandising, besides a distribution company, IndiaCast Media.
Sony Pictures Networks India, on the other hand, a subsidiary of Sony Corp., runs more than 20 channels, including several sports networks.
Sources said Reliance was no longer keen for a deal especially after the introduction of the fibre-to-home strategy that provides access to 12 OTT (over-the-top) streaming apps including Netflix, Amazon Prime Video, Disney+ Hotstar, JioCinema, Zee5, Sony Liv, Voot, Alt Balaji, Sun NXT, Shemaroo, Lionsgate Play, and Hoichoi.
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Business
Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise
%20(3).jpg "Virat Kohli pays tribute to Ratan Tata, Jay Shah ‘deeply saddened’ by veteran industrialist’s demise")
Tributes continue to pour in for Ratan Tata, with Virat Kohli and Jay Shah taking to their social media accounts to bid farewell to the industrialist.
Former Indian captain and batting legend Virat Kohli paid a touching tribute to Ratan Tata, the legendary business tycoon, who passed away on Wednesday night. Tata, a Padma Vibhushan recipient, was undergoing treatment in intensive care since Monday but breathed his last in Mumbai, leaving a profound impact on many across the nation.
Kohli expressed his condolences through his Instagram account on Thursday morning, sharing a heartfelt message along with a photo of the late industrialist.
Tata’s contribution to business, society, and philanthropy has been widely acknowledged, and his passing marks the end of an era.
The Board of Control for Cricket in India (BCCI) secretary, Jay Shah, also conveyed his sorrow, stating, “Deeply saddened by the loss of Shri Ratan Tata Ji. His leadership, integrity, and dedication to society set a remarkable standard for legacy. My heartfelt condolences to his loved ones. Rest in peace, Sir.” Shah’s words reflect the collective grief of a nation that has long admired Tata’s contributions to the country.
BCCI’s tribute
Additionally, the BCCI issued a statement about his demise.
“The BCCI expresses its deepest sorrow and joins the nation in mourning the passing of Shri Ratan Tata ji. His invaluable contributions across diverse fields have been instrumental in shaping India’s growth and success story.
His extraordinary legacy, founded on the principles of passion, empathy, visionary leadership, innovation, and excellence, will continue to inspire and guide future generations for years to come,” the statement read.
Ratan Tata, born on December 28, 1937, in Mumbai, embarked on his journey with the Tata Group in 1962 as a young executive. Over the decades, he transformed the group into a global conglomerate. His work was acknowledged with India’s second-highest civilian honour, the Padma Vibhushan, in 2008, and he received numerous accolades, including honorary doctorates from prestigious institutions in India and abroad.
Tata is survived by his family, including brothers and sisters Simone Tata, Jimmy Tata, Noel Tata, Aloo Tata, Shireen Jejeebhoy, Deanne Jejeebhoy, Leah Tata, Maya Tata, Neville Tata, Manasi Tata, Jamset Tata, Tiana Tata, and others, as mentioned in a family statement.
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