Sony Corporation is in talks to buy a stake in Mukesh Ambani’s TV business, Network18.
It is reported that the talks are in a preliminary stage and may not result in a transaction, according to the Business Standard. Sony is currently conducting due diligence on Network18 Media & Investments Ltd before an offer is made.
Upon the news going public, Network18 shares surged by 15% in Mumbai on Thursday. The TV18 Broadcast Ltd shares jumped also by 9.7%.
A spokesperson for Ambani’s Reliance Industries Ltd said, “Our company evaluates various opportunities on an ongoing basis.” It refused to comment any further.
TV18 Broadcast owns and operates 56 news and entertainment channels in India.