Reliance ditches Viacom18 merger talks with Sony – has its eyes set on building India's No.1 OTT and broadcast platform

Reliance Industries Limited (RIL) does not seem to be keen on a deal with Sony Pictures for a stake sale and merger in Viacom 18.

As per sources, Mukesh Ambani led RIL is not keen on the Sony conversation.

Sources said digital media and entertainment is an essential pillar of Jio's digital business strategy. Reliance plans to invest aggressively and grow the digital media business.

They added that Reliance wants to retain management control over the digital operations and invest behind creating India's number 1 OTT destination as well as broadcast platform.

Sources revealed that entertainment is central to Jio's FTTH plans in partnership and collaboration with other content and production companies.

"There is a lot of interest from content companies and production houses in partnering with Reliance and Jio, and investors are keen to back such partnerships," they added.

Earlier, there were reports that Sony is likely to own 74 per cent after a merger with Viacom 18.

As per reports, a merger of Sony Pictures Network and Viacom 18 was being discussed.

Viacom 18 is a 51:49 JV between Reliance owned Network 18 and Viacom. There had been a buzz about the deal for some months now.