Reliance Industries’ media business – Viacom18 and Network18, achieved its highest growth last year on the back of strong engagement resulting in record subscriptions and advertising revenues, Mukesh Ambani, chairman and managing director, said in his address to the shareholders on Monday. “Our national channels CNN, News18, CNBC TV18, and News 18 India are consistently ranked number one. Moneycontrol is amongst the world’s most popular subscription products. Our news brands are innovating with storytelling methods across platforms building deeper relationships with audiences wherever they are and whatever device they use,” he added at the 45th annual general meeting (AGM) of Reliance Industries.
The chairman also added that the company’s entertainment arm Viacom18 consolidated its leadership position with an entry into sports bagging the digital rights of the Indian Premier League (IPL) for five years. “Along with key sporting rights in football, badminton, basketball, tennis and now cricket, Viacom18 is also investing in movie rights and original content for OTT. In news, entertainment and sports, digital is core and fast growing theme as we prepare to embrace the 5G revolution,” Ambani said. He further added that the partnership with Bodhi Tree, James Murdoch, Uday Shankar, Paramount Global, will help Viacom18 with additional talent bandwidth and enable it to create a world-class media and entertainment business.
At the AGM, Ambani also congratulated the Reliance Retail leadership team on achieving a turnover of Rs two lakh crore and earnings before interest, taxes, depreciation (EBIDTA) of Rs 12,000 crore. “Today, Reliance Retail is among the top ten retailers in Asia,” he stated.
Meanwhile, Reliance Retail director Isha Ambani said that Reliance Retail will launch its FMCG business this year. “The objective of this business will be to develop and deliver products and solve every Indian’s daily needs, with high quality products at affordable pricing,” she said as she addressed Reliance Industries’ AGM.
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