Might a better transaction be possible? Shareholders can’t seem to make up their minds. Invesco, which in that instance had opposed the family’s demand of preferential warrants to raise its stake, believes the Sony deal to be loaded in favor of the founders. Reliance, which was offering some of its own media assets for a different merger, was letting the founders keep only 7%-8% of the combined entity. The arrangement, which is nonbinding at present, will keep son Goenka in the saddle and give his father a chance to raise his stake to a more secure 20%. To keep Zee in his family, Chandra, 70, has mounted a hasty marriage with Sony Group Corp.’s Indian unit. But has it? If Invesco is so determined to boot the Chandra-Goenka duo out, surely someone else has to step in. Once its interest became publicly known, though, Reliance issued a statement saying that it respects all founders and has “never resorted to any hostile transactions.” In other words, it had walked away for good. JioPhone Next, which will go on sale soon, is all about breaking down communication barriers in a country with 22 official languages and a bewildering array of dialects. It would have been a snug fit for the cheap Android phone that Alphabet Inc. Zee’s streaming service, whose 80 million active users spend more than three hours a month on the platform on average, plans to cater to non-Hindi-speaking audiences. In six years, Ambani, Asia’s richest man, has created the largest digital business in India from scratch. Those discussions, which Goenka disclosed only recently, failed because they would most certainly have seen the asset pass into Reliance Chairman Mukesh Ambani’s orbit. and the media mogul’s elder son, Punit Goenka, the chief executive officer. The injunction is unlikely to be the end of the corporate battle, though it does boost founder Subhash Chandra’s chances of hanging on to his crown jewel with only a 4% stake, versus Invesco’s 18%.Įarlier this year, Invesco tried to facilitate talks between Reliance Industries Ltd.
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