The much speculated merger between media giants, Sony Pictures Networks India and the Reliance-owned, Viacom18 has reportedly been called off.
Reports say that Reliance has decided to retain a majority stake and management control of its business. Its desire was to have management control of digital platforms Voot, Voot Select and SonyLIV, to boost its Reliance Jio business, which Sony was not in favour of.
After the merger, Sony would have had a control of up to 55%. This would have resulted in the likes of Sony TV, Colors, Sony MAX and Colors Cineplex coming together for the first time.
Reliance’s strategy is to invest aggressively and grow its digital media business.
Talks between Sony and Viacom18 first surfaced in November last year.