Guest Post by Smarika Kumar
Big media has become bigger. The takeover of Network 18 by Reliance has consolidated news media in the country like nothing before. The Reliance-Network18 combination is, in fact, not exactly new. It was actually executed a couple of years ago in a very telling, roundabout fashion when Reliance lent money to Network18 through a trust called IMT, among other things, to buy all of its media properties. As a result of Network18’s debt, Reliance could then dictate to it the terms of repayment, which were agreed between the two entities in the form of debentures convertible to shares.
The resulting combination brings TV channels like CNBC-TV18, CNBC Awaaz, CNN-IBN, IBN7, IBN-Lokmat, ETV-Rajasthan, ETV-Bihar, ETV-Uttar Pradesh, ETV-Urdu, ETV-Marathi, ETV-Bangla, ETV-Gujarati, ETV-Kannada, ETV-Oriya, ETV-Telegu, ETV-2, Colors, MTV, VH1 and Nick; web content properties such as moneycontrol.com, ibnlive.com, and firstpost.com; as well as magazines like Forbes India under a single umbrella of ownership and control. (For a complete list of media properties held by Reliance currently, scroll to the end of this article.)