Insta
Mukesh Ambani (Simon Dawson/Bloomberg via Getty Images)
Billionaire businessman Mukesh Ambani owned Reliance Industries on Thursday (28 November) scotched speculations that it was in talks with Times Group to sell its news media business, PTI reported.
“Reliance Industries firmly denies (the) story. The story is baseless and false,” a company spokesperson said.
Bloomberg News had earlier reported that Ambani was in negotiations with Bennett Coleman & Co. (generally known as Times group) to sell his news media assets. According to the report, Ambani was considering various options, ranging from an outright exit to a stake sale.
Ambani-owned Network18 reported a group loss of Rs 178 crores in the year ended March, while its net debt stood at Rs 2800 crores.
Network18, acquired by Reliance Industries in 2014, owns and operates 56 local channels spanning news and entertainment. News properties include MoneyControl, News18, CNBCTV18.com, CricketNext, and Firstpost.
Bennett Coleman, popularly known as the Times Group, owns television channels, including Times Now and ET Now. Besides India’s largest selling daily Times of India, it also publishes The Economic Times.
Support Swarajya's 50 Ground Reports Project & Sponsor A Story
Every general election Swarajya does a 50 ground reports project.
Aimed only at serious readers and those who appreciate the nuances of political undercurrents, the project provides a sense of India's electoral landscape. As you know, these reports are produced after considerable investment of travel, time and effort on the ground.
This time too we've kicked off the project in style and have covered over 30 constituencies already. If you're someone who appreciates such work and have enjoyed our coverage please consider sponsoring a ground report for just Rs 2999 to Rs 19,999 - it goes a long way in helping us produce more quality reportage.
You can also back this project by becoming a subscriber for as little as Rs 999 - so do click on this links and choose a plan that suits you and back us.
Click below to contribute.
Latest