Mumbai: Sony is closing in on Viacom 18 which would see Sony emerge as a formidable player in the Indian general entertainment channels (GEC) space.
Sources said the two sides have agreed and the deal which has seen protracted negotiations is close to being finalised.
The contours being discussed indicate that Sony is likely to own the lion’s share after a merger with Viacom 18, setting the stage for a battle for Indian TV audiences in the general entertainment channels (GEC) market with Disney-Star.
Viacom 18 is a 51:49 JV between Reliance owned Network 18 and Viacom. There has been a buzz about the deal for some months now.
Reliance Chairman Mukesh Ambani has just concluded a massive fund raising exercise in RIL and Jio Platforms.
The deal would only include Viacom’s entertainment business, and Reliance would continue to own the news channels.
