Sony Pictures Networks & Viacom18 merger “in final stages”

The long awaited merger between media giants, Sony Pictures Networks and Viacom18 is reportedly “in final stages” before details are made public.

Business Standard reports that Sony will hold a 74 per cent stake in the newly merged company. Viacom18, which is a joint venture between Viacom and Reliance owned Network18, will hold a 26% stake in the new business.

A source told the publication, “Reliance clearly wants to get rid of the headache of running an entertainment business. It merely wants a foot in the door so that it has constant flow of content for Jio. Reliance wants to control the pipe and not content creation.” The deal was deferred earlier after Mukesh Ambani of Reliance, signed new deals with Facebook and other for its Jio Platforms.

The proposed deal was first reported last year. See details here.