Anil Ambani’s Reliance ADA Group is to further cut back its involvement in the Indian media and entertainment industry.In two transactions with a total value of some $283 million, Reliance Capital will sell the entirety of its remaining TV business to Zee Entertainment and a 49% stake in FM radio operations to Zee Media.The TV businesses under Reliance Big Broadcasting, Big Magic and Azalia Television include two general entertainment channels and four specialty channels.The radio group includes 45 radio stations...
Ambani became chairman and CEO of Reliance Group (aka Reliance ADA) in 2002 after Reliance Industries split in two. That set him at odds with older brother Mukesh, who heads Reliance Industries. Ambani bought cinemas, distribution and film-processing group Adlabs in 2005, followed by acquisitions in facilities, production and broadcasting. In 2008, he put $550 million into DreamWorks, then in 2014 his strategy changed. While Ambani still operates the second-largest radio network in India, theaters and broadcasting outfits were sold, as was IM Global. But Reliance Group remains dominant in post-production with investments in a who’s who of Indian directors. That yielded multiple projects with streaming services, including the Netflix hit “Sacred Games,” its first Indian original.