Reliance has completed a deal to buy the Network 18 Media and Investment in early July. Network 18 is one of the major media groups, a home to some of the most renowned news channels CNN-IBN and CNBC-TV18. On the other hand, Reliance Industry Ltd. is India’s largest company owned by the richest man of the country, Mukesh Ambani.
Apart from news channels, Network 18 owns websites like firstpost.com and moneycontrol.com. Additionally, magazines including the license for Forbes India and entertainment channels Colors, MTV, and Home shop Entertainment. After its acquisition, Reliance Industries Ltd is the only beneficiary to Independent Media Trust. The Reliance Industries Ltd has approved funding of ₹ 4,000 crores to the Indian Media Trust and now controls the entire Network 18.
The main motive behind this overtake may link to RIL’s upcoming 4G network. However, it the shocking that two top editors of Network 18 resigned after this acquisition, as reasons may be the conflict or something else.
Mr. Rajdeep Sardesai, was editor-in-chief of IBN 18 News Network, said that he is not in a stage to change according to the company or situation, so it would be better to resign from the company. Another editor, Mr. Nikhil Wagle said that, he is not satisfied with all what is going around, as the company did not send any mail to him. According to him, this is bad when you are working with a company then they should inform you with a mail or something in written but they just inform them verbally, which is not acceptable.
Some former employees of the media company are relating this acquisition with Mr. Modi and Bhartiya Janta Party. For Mr. Ambani wanted to support the BJP in previous elections. This also may be the reason for Mr. Arvind Kejriwal’s demand of an investigation into Mr. Ambani and policymakers over corruption related to artificially inflating gas prices.
Reliance is one of the largest companies of the country and it has recently taken over the major media group Network 18. Now, Reliance Industries Ltd is the sole beneficiary of this media company.