Chennai : Sun TV Network has denied the media reports on proposal to sell stake in the company to Mukesh Ambani owned Reliance Industries.
Following a widespread rumour that Reliance Industries is close to acquire Sun TV Network Ltd, which has been doing rounds for over a week now, the media circle is abuzz with the talk.
In a strongly-worded statement, Sun TV has denied all rumours pertaining to its acquisition by Reliance Industries. “There is absolutely no truth in the news report that Sun TV is considering a stake sale” said SL Narayanan, Group CFO, Sun Group.
Earlier during the day, Tehelka reported that Mukesh Ambani led Reliance Industries is going for acquisition of the Kalanithi Maran’s Sun TV network, thus paving way for a Media monopoly by Mukesh Ambani with Viacom 18, ETV Network already under his control.
The news created ripples across the industry as it was reported that RIL officials are in advanced talks with the management of Sun TV, once dubbed as the most profitable business house in Asia.
In 2014, Reliance Industries Ltd (RIL) announced it would be acquiring control in Network 18 Media & Investments Ltd, including its subsidiary TV18 Broadcast Ltd. The board of RIL approved funding of up to Rs. 40 billion to Independent Media Trust (IMT), of which RIL is the sole beneficiary, for acquisition of control in Network 18 and its subsidiaries. On 8 July 2014, RIL stated that it has completed the Network 18 take over.
At the close of market, the share price of RIL stood at Rs. 854.30, 0.23% down from the previous close of Rs. 856.25. Stock of Sun TV Network declined by 2.04% from its previous close and closed at Rs. 428.10
