Bloomberg reports Mukesh Ambani is in talks with Times Group to sell his media assets

Bloomberg reported today that Reliance Industries Limited Chairman Mukesh Ambani is in talks to sell his news media assets to  Times Group. The report stated: “Bennett Coleman & Co, the publisher of the Times of India, is looking to hire advisers for due diligence on the news properties of Ambani’s Network18 Media & Investments Ltd., the people said, asking not to be named as the discussions are private.” The talks with Bennet Coleman & Co. are in their initial stages and might not result in a deal, as per internal sources. 

“Network18 reported a group loss of 1.78 billion rupees ($25 million) in the year ended March, while its net debt stood at 28 billion rupees, according to the company,” said the Bloomberg report. Network18’s shares rose up by 10 per cent today. There are speculations that Times Group is only interested in CNBC but Ambani wants to sell all of his media assets. 

The shares of Reliance Industries also jumped up today. In October, Reliance Group announced the launch of a $50-billion digital services holding company. Earlier this month, there were reports of Sony Corps being in talks with Ambani to acquire a stake in his Network18. Sony Corps was said to be exploring potential deal structures including a merger of its Indian businesses with Network18.