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Mukesh Ambani’s Reliance signs massive Rs 198000000000 deal, to now own Indian Cricket Team’s…
Mukesh Ambani’s Reliance Industries is also reportedly planning to inject Rs 12451 crore in the mega media entity.
Updated : Feb 26, 2024, 06:34 AM IST
 "Mukesh Ambani")
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Mukesh Ambani is the richest man in India with a massive net worth of more than Rs 972906 crore. He is the chairman of Reliance Industries which is the most valuable company in India with a market cap of Rs 2021000 crore. Mukesh Ambani’s Reliance is a dominating market leader in a range of segments and it appears that he will soon also become owner of India’s largest media empire. As per a report by Bloomberg, Mukesh Ambani’s Reliance has signed a binding pact with Walt Disney Co to merge their media operations in India. To recall, Disney agreed to sell 60% of its India business to Mukesh Ambani’s Viacom 18 at a valuation of Rs 33,000 crore, as per Business Today. This means that Mukesh Ambani has signed a massive deal worth over Rs 19800 crore to own 61% stake in Indian Cricket Team’s key streaming partner.
Mukesh Ambani’s Reliance Industries is also reportedly planning to inject Rs 12451 crore in the mega media entity. After the merger, Netflix and Amazon Prime may find it more difficult to compete with Jio Cinema's potential low-cost plans. Jio may also launch low-cost add-on plans with Jio recharge, aimed at both telecom and OTT users.
Jio Cinema, having previously acquired the IPL rights, found itself in direct competition with Disney Plus Hotstar. After hosting the IPL and FIFA World Cup, Hotstar experienced a noticeable decline in subscribers. However, Disney Hotstar managed to secure the rights for the Asia Cup and Cricket World Cup from Jio Cinema. With Mukesh Ambani's company merging with Disney Hotstar, it's crucial to recognize the significant losses incurred in the competitive landscape against Jio Cinema.
