India’s richest man Mukesh Ambani whose net worth is more than Rs 9,72,906 crores, is also the chairman of Reliance Industries, which is one of the leading multinational conglomerates. Its market value is Rs. 202100 Crore.
Mukesh Ambani’s Reliance is a dominant market leader in a variety of sectors, and it looks like he will soon become the owner of India’s greatest media empire. According to Bloomberg, Mukesh Ambani’s Reliance has struck a contractual agreement with Walt Disney Co. to consolidate their media activities in India. Disney agreed to sell 60% of its India business to Mukesh Ambani’s Viacom 18 for Rs 33,000 crore, according to Business Today. This implies Mukesh Ambani has struck a major agreement of over Rs 19800 crore to acquire a 61% share in the Indian Cricket Team’s primary streaming partner.
Jio Cinema acquires the rights to IPL
As per various reports, Reliance Industries is planning to inject Rs. 12451 crores into the media sector. As Netflix and Amazon Prime merger may find it more difficult to compete with Jio Cinema which has low-cost plans. While Jio may launch low add-on plans with Jio recharge which is useful to both telecom and OTT users.
Previously, Jio Cinema acquired the rights for IPL as their competition was with Disney Plus Hotstar. They also won the rights to the FIFA World Cup. This results in Hotstar losing a big loss of subscribers. Meanwhile, Disney Hotstar managed to win the rights from Jio Cinema for the Cricket World Cup and the Asia Cup. With Mukesh Ambani’s company getting merged with Disney Hotstar, it is critical to acknowledge the huge losses suffered in the competitive environment against Jio Cinema.
