Mukesh Ambani owned Reliance Industries, which owns a majority stake in Viacom 18 through Network 18, has called off the proposed Sony Pictures Networks India Viacom 18 merger, report said.
Reliance Industries is believed to want to retain Management control over digital operations. If the deal went through, Sony would have owned a 74% stake in the merged entity.
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.