Mukesh Ambani’s group to acquire stakes in IPL TV rights holder’s company

India’s richest man, Mukesh Ambani’s Reliance Group is reported to acquire stakes in Disney+Hotstar in India. From 2018 to 2022, Hotstar held the broadcast rights of the Indian Premier League (IPL), India’s home games, and Apex Council’s events. However, after the 2022 season, Jio Cinema, one of the Reliance Group’s subsidiaries acquired the online streaming rights for the cash-rich league till 2028. On the other hand, Star Sports, the parent company of Hotstar continues to have the TV rights.

Not to forget, they also hold the rights to the Apex Council’s tournament till 2031 and the rights to Australia’s home games. Talking about Jio Cinema, they acquired the online streaming rights of India’s home games in September last year. Meanwhile, since Hotstar lost the bidding of IPL rights to Jio Cinema, they have faced with massive drop in their subscriber base. As reported by Bloomberg, the Reliance group might acquire 60 percent stakes in Disney + Hotstar.

Mukesh Ambani’s net worth is 9 lakh crores

Meanwhile, Ambani’s group which owns the various franchises of Mumbai Indians (MI Cape Town, MI Emirates, MI New York, and Mumbai Indians), has a market cap of Rs 2021000 crore. Reliance is a dominating market leader in a range of segments and it appears that he will soon also become owner of  India’s largest media empire. Talking about Ambani’s net worth, it goes up to more than Rs 972906 crore. He is the chairman of Reliance Industries.

Mukesh Ambani’s Reliance Industries is also reportedly planning to inject Rs 12451 crore into the mega media entity. After the merger, Netflix and Amazon Prime may find it more difficult to compete with Jio Cinema’s potential low-cost plans. Jio may also launch low-cost add-on plans with Jio recharge, aimed at both telecom and OTT users.