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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.jpg "Amitabh Bachchan said that being at the pre-wedding party for Anant Ambani and Radhika Merchant was “a never seen before experience.”")
Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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