Mukesh Ambani’s RIL to merge its media and distribution business into Network18 Media & Investments

Reliance Industries Ltd, controlled by Indian billionaire Mukesh Ambani, is merging its media and distribution businesses spread across multiple entities into Network18 Media & Investments Ltd. to help simplify the structure of the assets.

The broadcasting business, TV18 Broadcast Ltd, will be housed in Network18, while the cable and internet services will be folded under two separate wholly-owned units of Network18, Reliance Industries said in a statement late Monday.

Reliance Industries’ holding in Network18 will be cut to about 64% from 75% as a result of the recast, the Mumbai-based company said in the statement.