Tokyo-based Sony Corps is in talks to acquire a stake in Mukesh Ambani’s TV business, Network18 Media and Investment Ltd., according to a report by Bloomberg on Thursday.
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ContributeThe Japenese giant is currently conducting due diligence on Network18. The company is considering several potential deal options including a merger of Sony’s Indian business with the company’s manoeuvres.
According to sources, the talks are at a preliminary stage “and may not result in a transaction”. “Our company evaluates various opportunities on an ongoing basis,” a spokesman for Ambani’s Reliance Industries Ltd. told Bloomberg.
The Bloomberg report said: “While a successful deal may help Sony bolster its local offerings and take on upstart rivals such as Netflix Inc., it will give Ambani access to international content. The Indian tycoon’s wireless carrier, Reliance Jio Infocomm Ltd., has spent almost $50 billion in the past few years on its network to disrupt India’s telecommunications industry and has been luring users by offering local and overseas programming.”
Sony’s current operations in India reach about 7,000 viewers.
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