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A firm run by James Murdoch, the son of global media mogul Rupert Murdoch, and Uday Shankar, a former Disney executive, is going to be investing 135 billion rupees, or about US$1.8 billion, into a venture media company called Viacom18. The company has also been backed by Mukesh Ambani, India’s richest man.
Basically, the group is looking to take control of a huge share of India’s media market, which is the second biggest in the world. The company is reportedly even bidding for broadcast rights to the Indian Premier League.
“James and Uday’s track record is unmatched,” said Mukesh Ambani, chairman and managing director of Reliance Industries, in a statement. “For over two decades, they have played an undeniable role in shaping the media ecosystem in India, Asia and around the world.”