MUMBAI: Mukesh Ambani, the chairman of Reliance Industries, India's biggest conglomerate, is in talks to buy Network 18, the television and internet company, the Wall Street Journal said quoting people familiar with the situation.
Ambani, the paper said, has been in talks with Network 18 founder and controlling shareholder Raghav Bahl on the issue.
"The talks may yet lead to nothing. It also isn't clear what the value of Ambani's investment would be and whether he is operating on behalf of Reliance Industries or whether he would put his own cash into a deal. Network18 Media and Investments, the holding company for the conglomerate, has annual revenue of about $300 million but isn't profitable," said the paper.
Relatedly, Media Consolidation: The Illusion of Choice
Update: RIL denies it. But a nice pop of around 9% on almost 20 times yesterday's volumes, till now. Who sold out?