Reliance to merge media and distribution business into Network18

New Delhi, Feb 18 (ANI): Mukesh Ambani-led Reliance Industries has announced a consolidation of its media and distributing businesses spread across multiple entities into Network18. The board of directors at respective companies has approved the scheme of amalgamation and arrangements, according to a statement issued by Reliance Industries. The broadcasting business will be housed in Network18 and the cable and ISP businesses in two separate wholly-owned subsidiaries of Network18. The combined broadband entity will serve one million wired broadband subscribers across the country. Reliance's holding in Network18 will reduce from 75 per cent to 64 per cent upon implementation of the scheme.