Reliance calls off merger of Viacom18 with Sony

Billionaire Mukesh Ambani’s Reliance Industries has called off the proposed merger of his group’s entertainment business with Sony Pictures Networks India following a strategic rethink.

Ambani’s television networks housed in Viacom18 Media Pvt Ltd were to merge with Sony Corp, with the Japanese giant having a bigger stake in the merged entity.

However, Reliance has now had a rethink and has decided not to pursue the merger route, sources with direct knowledge of the development said.

Instead, the company is now keen to invest more in digital content creation.

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.