Even though Reliance Industries denied the development just two weeks back, the media industry is abuzz with talks of Mukesh Ambani making a significant mark in the Indian media and entertainment sector by agreeing to fund a transaction between Network18 and the Hyderabad-based Eenadu Group, where the former is expected to purchase assets of the latter.
An announcement is expected on this development later today.
Network18 has been vocal on its plans to enter the regional market for some time now. The Eenadu deal would give the company presence in the regional market. Reports suggested that Mukesh Ambani already has a financial interest in Eenadu.
Media reports quoted that the transaction was estimated to be more than Rs 1,500 crore. This development is expected to reduce Network18 group's debt and to finance the acquisition of Eenadu Group.