Connect with us

Media

A Hostile Media Bid Shows How Asia’s Richest Men Can Align and Dominate a Sector – BNN Bloomberg

Published

 on


(Bloomberg) — Soon after Gautam Adani announced his hostile takeover bid for news broadcaster New Delhi Television Ltd., he was congratulated via tweet by a senior executive at the conglomerate helmed by Mukesh Ambani — Adani’s billionaire rival and his predecessor as Asia’s richest man.

The public toast from Parimal Nathwani, director of corporate affairs at Ambani-led Reliance Industries Ltd., hinted at an amicable co-existence, if not cooperation, between the established empire and the rising upstart at its heels. 

In fact, Adani could not have mounted his NDTV bid without at least the knowledge of a couple of close Reliance associates who were linked to a little-known entity, called Vishvapradhan Commercial Pvt Ltd., or VCPL. It was the world’s new second-richest man’s acquisition of VCPL that in turn helped him make a takeover bid for NDTV.

Genius Dog 336 x 280 - Animated

The NDTV acquisition, if successful, would make Adani and Ambani straight-up rivals in a sector for the first time, given Ambani’s control of large media assets including news channels. While observers have long anticipated the tycoons going head-to-head in industries across India’s $3.2 trillion economy, the first of these encounters appears to be more conciliatory than confrontational, with potentially worrying consequences for the thousands of small firms in the sectors they’re aiming to dominate. 

Never Consented

NDTV’s founders — Prannoy Roy and Radhika Roy — took a loan from VCPL in 2009 to repay another debt. This interest-free loan from VCPL could be converted into NDTV equity and, as the Indian markets regulator later found, was sourced from a firm that was a wholly-owned subsidiary of Reliance Industries. While VCPL since changed owners, it retained links to the Reliance group, according to public filings.

Adani Group acquired VCPL last month and with it, an indirect 29.2% share in NDTV. The Roys said they never consented to this stake purchase. The Adani Group is set to make an open offer in October to NDTV’s minority shareholders in order to buy a further 26%.

“It looks like the two corporate giants are hand in glove,” said Zoya Hasan, professor emerita at the Centre for Political Studies at Jawaharlal Nehru University in New Delhi, referring to the sale of VCPL to the Adani Group. Increased control of India’s nascent but fast-growing media sector by the two billionaires will have “significant consequences,” she said.

Representatives for Reliance Industries and the Adani Group did not respond to emailed queries on the NDTV deal and VCPL’s ownership chain. The Roys didn’t respond to multiple requests for comment. Nathwani didn’t respond to emails seeking comment on his tweet.

Same Ground

Asia’s two richest men are increasingly treading the same ground as Adani expands beyond ports and coal mining and into digital services, telecom, media and retail — sectors that Ambani has dominated for years. Both the tycoons also align very closely to Indian Prime Minister Narendra Modi’s policy initiatives and nation-building priorities. 

A report that the two tycoons have put in place a non-poaching pact in which they have agreed not to hire each other’s employees, in order to avoid a war for talent in their overlapping business interests, have added to concerns that the two conglomerates may one day carve up the Indian economy to the detriment of smaller players. 

Some contracts extended to potential employees were withdrawn after the pact was put in place, Business Insider reported. Representatives for both companies declined to comment on the report.

Buyouts by giants like Reliance and Adani can “hurt smaller media firms” who stand no chance against them, said Indira Hirway, director of the Centre for Development Alternatives in Ahmedabad, Gujarat. “This is applicable for any business including green energy, cement or retail,” she said.

The lever that Adani pulled in the NDTV deal is linked to the loan taken by the Roys 13 years back. 

A June 2018 order from the Securities and Exchange Board of India said that the Roys’ 3.5 billion rupee ($44 million) loan from VCPL was ultimately sourced from Reliance Strategic Investment Ltd., a subsidiary of Ambani’s flagship listed firm. The loan agreement entitled VCPL to share warrants that could be converted into NDTV equity even if the loan was repaid, according to the order. The regulator investigated the loan at the time because of allegations that VCPL had skirted share purchase and takeover rules.

Tangled Web 

In 2012, Reliance sold VCPL to entities with links to the Reliance group, according to people familiar with the matter who asked not to be named discussing the private arrangement. Two names come up in Indian media reports: Surendra Lunia and Mahendra Nahata. 

Lunia told The Economic Times in August that he owned VCPL “for the last 10 years” until he sold it to the Adani Group. Lunia was CEO of the Nahata-owned Himachal Futuristic Communications Ltd. until 2010, and is currently a director of Infotel Telecom Ltd. that operates out of Reliance headquarters in Mumbai, according to corporate filings.

Nahata was a director at Reliance Jio Infocomm Ltd. through at least March 2021 and has represented Ambani’s telecom unit at high profile industry events. Reliance had entered the telecom sector in 2010 by buying a firm, Infotel Broadband, that Nahata founded. 

Nahata and Lunia did not respond to emails and calls seeking comment on VCPL and its sale to the Adani Group.

Cross-directorships don’t necessarily imply that Adani had or needed Ambani’s nod to make his moves, according to people familiar with the situation.

“It’s not a very transparent deal,” said Anand Pradhan, a professor at Indian Institute of Mass Communication in New Delhi. 

Media Push

Set up in the 1980s, NDTV was a pioneer at a time when India’s main news channel was a stodgy state-owned broadcaster. It’s grown into a prominent media house that broadcasts news in English and Hindi and is one of the most popular news handles with more than 35 million social media followers. 

To allay some of the fears around its bid, Adani Enterprises Ltd. said in an exchange filing that it intends to grow NDTV’s business and “empower Indian citizens” by setting up a “credible next generation media platform.”

Seen as relatively critical of Modi’s government in a country where press freedom has been in decline, the house of NDTV’s founders has been raided by local tax authorities and the firm probed by investigative agencies for alleged money laundering in recent years. The Roys have denied wrongdoing in the past.

NDTV, with its nationwide reach, makes it a good asset for Adani as he looks to scale up. His first known foray into the sector was earlier this year after his Adani Media Ventures Ltd. announced its plan to buy a stake in Quintillion Business Media Pvt. Quintillion Media Pvt. Ltd. and Quintillion Business Media Pvt. Ltd. were parties to a joint venture with Bloomberg LP, the parent of Bloomberg News, which was terminated in November 2021. 

NDTV would be a far bigger stake in the sand for the Adani Group, with its three news channels and big online audience. 

It’s unlikely to be the last, as Adani — fueled by a rapid rise to the top of global wealth rankings — pushes into green energy, airports, data centers, digital services and cement as he diversifies away from coal businesses his empire was initially built on. 

The two tycoons together have the potential — and maybe the relationship — to remake the face of the Indian economy. 

“They have big pockets,” said Pradhan, the journalism professor at Indian Institute of Mass Communication. “They can afford losses and give the competition a run for their money.”

©2022 Bloomberg L.P.

Adblock test (Why?)



Source link

Continue Reading

Media

16 Largest Media Companies in the World in 2023

Published

 on

In this article, we will be taking a look at the 16 largest media companies in the world in 2022. To skip our detailed analysis, you can go directly to see the 5 Largest Media Companies in the World in 2023.

The global media industry is worth nearly $2.3 trillion and is among the biggest industries in the world. It is also easily among the most important industries in the world as it plays an integral role in the promotion and dissemination of information. The media industry consists of broadcasting companies which can include the internet, radio, television and print, though the latter is a dying industry with the introduction of technology and cheaper, more efficient methods of distribution.

The outlook of the entertainment and media company is quite positive, with PwC forecasting that the industry will be worth nearly $3 trillion in 2026. In fact, it is expected to grow much faster than the global economy. Just like any other industry, the media segment took a bit hit in 2020 due to the Covid-19 pandemic but has shown a strong recovery since and is expected to post a CAGR of 4.6%.

One of the changes we’ve seen in the industry which has been accelerated recently by the pandemic is the consumption of media from home via digital channels. Even as the pandemic has started to wane, digital growth is continuing to increase. We’ve already seen a market shift in terms of media consumption with streaming emerging as the area with the highest growth. While Netflix, Inc. (NASDAQ:NFLX) can be considered to be the pioneer in this regard, many other companies have realized the potential of engaging in streaming services. The Walt Disney Company (NYSE:DIS) has now emerged as the biggest player in this market after the launch of Disney+, which combined with other streaming services offered by The Walt Disney Company (NYSE:DIS) means that its total number of subscribers in the world have crossed Netflix, Inc. (NASDAQ:NFLX).

Genius Dog 336 x 280 - Animated

The biggest media companies in the world wield an incredible amount of power and influence. The companies in our list have a combined market cap of over $700 billion. This also raises an interesting question which many are grappling with nowadays: do media companies have too much power? Well, according to a PEW research, 72% of U.S. adults do believe that media companies have too much power as well as influence in politics today.

Photo by Ashley Byrd on Unsplash

Without further ado, let’s take a look at some of these companies, starting with number 16:

16. RTL Group S.A.

Total market cap of the company as of 26th November 2022 (in millions): 6,465

Total sales of the company (in millions): 7,845

Total profits of the company (in millions): 1,538

Total assets of the company (in millions): 12,170

The Luxembourg-based media company currently has around 70 television channels as well as 31 radio stations in multiple European countries including Germany and France.

15. The Interpublic Group of Companies, Inc. (NYSE:IPG)

Total market cap of the company as of 26th November 2022 (in millions): 13,808

Total sales of the company (in millions): 10,241

Total profits of the company (in millions): 953

Total assets of the company (in millions): 19,909

The Interpublic Group of Companies, Inc. (NYSE:IPG) is a leading advertising company in the U.S. The five major brands owned by The Interpublic Group of Companies, Inc. (NYSE:IPG) include IPG Mediabrands, McCann Group Worldwide, FCB and MullenLowe Group. The Interpublic Group of Companies, Inc. (NYSE:IPG) has around 54,000 employees.

14. Formula One Group (NASDAQ:FWONK)

Total market cap of the company as of 26th November 2022 (in millions): 13,816

Total sales of the company (in millions): 11,400

Total profits of the company (in millions): 398

Total assets of the company (in millions): 44,341

Formula One Group (NASDAQ:FWONK) consists of companies which are responsible for the promotion of FIA Formula One World Championship. Bernie Ecclestone, considered to be one of the main drivers behind the popularity of F1, was the chief executive of Formula One Group (NASDAQ:FWONK) for 40 years. Formula One Group (NASDAQ:FWONK) is headquartered in London.

13. WPP plc (NYSE:WPP)

Total market cap of the company as of 26th November 2022 (in millions): 11,363

Total sales of the company (in millions): 17,605

Total profits of the company (in millions): 877

Total assets of the company (in millions): 38,052

WPP plc (NYSE:WPP) is one of the biggest media companies in the United Kingdom. WPP plc (NYSE:WPP) is also considered to be the largest advertising company in the world. The major assets owned by WPP plc (NYSE:WPP) include Essence Global, Finsbury, Wavemaker and Mindshare among others.

12. Fox Corporation (NASDAQ:FOX)

Total market cap of the company as of 26th November 2022 (in millions): 16,539

Total sales of the company (in millions): 13,591

Total profits of the company (in millions): 1,436

Total assets of the company (in millions): 22,878

Fox Corporation (NASDAQ:FOX) is controlled by one of the most famous personalities of our time, Rupert Murdoch. Fox Corporation (NASDAQ:FOX) owns the Fox Broadcasting Company, Fox News, Fox Business and Fox Television Stations. Fox Corporation (NASDAQ:FOX) was only established 3 years ago after 21st Century Fox was acquired by The Walt Disney Company (NYSE:DIS), with unacquired assets being spun-off to Fox Corporation (NASDAQ:FOX).

11. Omnicom Group Inc. (NYSE:OMC)

Total market cap of the company as of 26th November 2022 (in millions): 16,140

Total sales of the company (in millions): 14,273

Total profits of the company (in millions): 1,294

Total assets of the company (in millions): 26,146

Omnicom Group Inc. (NYSE:OMC) is a global media and marketing company which is headquartered in New York City. Omnicom Group Inc. (NYSE:OMC) is not just one of the biggest media companies in the world, but also one of the biggest advertising companies in the world. Established 36 years ago, Omnicom Group Inc. (NYSE:OMC) has operations in over a hundred countries globally.

10. Warner Bros. Discovery, Inc. (NASDAQ:WBD)

Total market cap of the company as of 26th November 2022 (in millions): 27,854

Total sales of the company (in millions): 12,180

Total profits of the company (in millions): 1,022

Total assets of the company (in millions): 34,427

One of the most influential media companies in the world, Warner Bros. Discovery, Inc. (NASDAQ:WBD) was only established 7 months ago in April 2022 after being spun-off from Warner Media and merging with Discovery. Warner Bros. Discovery, Inc. (NASDAQ:WBD) has several divisions including the Warner Bros film and television studio, among the most famous film studios in the world. Further, Warner Bros. Discovery, Inc. (NASDAQ:WBD) also owns many U.S. networks including Discovery and Scripps, as well as CNN.

9. Liberty Global plc (NASDAQ:LBTYA)

Total market cap of the company as of 26th November 2022 (in millions): 9,418

Total sales of the company (in millions): 10,543

Total profits of the company (in millions): 13,427

Total assets of the company (in millions): 46,917

A British-Dutch-American multinational, Liberty Global plc (NASDAQ:LBTYA) maintains headquarters in Denver, London and Amsterdam. Liberty Global plc (NASDAQ:LBTYA) currently has operations in around half a dozen countries and more than 21,000 employees. In addition, Liberty Global plc (NASDAQ:LBTYA) has around 10.8 million cable subscribers and a total of 25.3 million revenue generating units.

8. Publicis Groupe SA

Total market cap of the company as of 26th November 2022 (in millions): 16,558

Total sales of the company (in millions): 13,874

Total profits of the company (in millions): 1,214

Total assets of the company (in millions): 37,352

Publicis Groupe is a French media company which is counted among the largest media companies in the world. Publicis is majorly engaged in public relations and multinational advertising and is considered one of the Big Four agency companies globally.

7. DISH Network Corporation (NASDAQ:DISH)

Total market cap of the company as of 26th November 2022 (in millions): 8,491

Total sales of the company (in millions): 17,881

Total profits of the company (in millions): 2,411

Total assets of the company (in millions): 48,465

DISH Network Corporation (NASDAQ:DISH) owns the direct-broadcast satellite provider Dish in addition to the over-the-top IPTV service known as Sling TV. Like many other media companies, DISH Network Corporation (NASDAQ:DISH) has seen its share price nosedive in 2022. Currently, DISH Network Corporation (NASDAQ:DISH) employs over 16,000 people.

6. Naspers Limited

Total market cap of the company as of 26th November 2022 (in millions): 30,418

Total sales of the company (in millions): 7,009

Total profits of the company (in millions): 13,966

Total assets of the company (in millions): 70,813

The largest media company in South Africa, Naspers Limited was initially just a printing company, and the biggest such company in South Africa throughout the 20th century and currently owns Media24 and Takealot.com.

5. Paramount Global (NASDAQ:PARA)

Total market cap of the company as of 26th November 2022 (in millions): 13,039

Total sales of the company (in millions): 28,586

Total profits of the company (in millions): 4,543

Total assets of the company (in millions): 58,620

Paramount Global (NASDAQ:PARA) is easily one of the biggest media companies in the world and owns Paramount Pictures, the CBS Entertainment Group, which includes CBS and the CW television networks, MTV, Nickelodeon, Comedy Central, VH1, BET, Paramount Network and Showtime. Paramount Global (NASDAQ:PARA) has more than 170 networks currently and has more than 700 million subscribers in around 180 countries.

 

4. Netflix, Inc. (NASDAQ:NFLX)

Total market cap of the company as of 26th November 2022 (in millions): 127,071

Total sales of the company (in millions): 30,402

Total profits of the company (in millions): 5,007

Total assets of the company (in millions): 45,331

Arguably the pioneer of global streaming, Netflix, Inc. (NASDAQ:NFLX) has had a torrid year in 2022 after being the top-performing S&P 500 stock in the 2010s.

 

3. Charter Communications, Inc. (NASDAQ:CHTR)

Total market cap of the company as of 26th November 2022 (in millions): 60,729

Total sales of the company (in millions): 51,682

Total profits of the company (in millions): 4,654

Total assets of the company (in millions): 143,392

Charter Communications, Inc. (NASDAQ:CHTR) is an American mass media company which has more than 32 million customers in around 41 states.

 

2. The Walt Disney Company (NYSE:DIS)

Total market cap of the company as of 26th November 2022 (in millions): 176,087

Total sales of the company (in millions): 72,982

Total profits of the company (in millions): 3,082

Total assets of the company (in millions): 203,311

The Walt Disney Company (NYSE:DIS) has been in the news recently its ex-CEO Bob Iger made a comeback to help the company turn around.

 

1. Comcast Corporation (NASDAQ:CMCSA)

Total market cap of the company as of 26th November 2022 (in millions): 154,130

Total sales of the company (in millions): 116,385

l profits of the company (in millions): 14,159

Total assets of the company (in millions): 275,905

Topping the list of the 16 largest media companies in the world in 2022 is Comcast Corporation (NASDAQ:CMCSA). Comcast Corporation (NASDAQ:CMCSA) is the second largest cable television and broadcasting company in the U.S. as well as the biggest Internet service provider in the nation.

Source link

Continue Reading

Media

Putin decries media ‘lies’ at meeting with soldiers’ mothers

Published

 on

 

MOSCOW (AP) — Russian President Vladimir Putin on Friday hit out at what he said were skewed media portrayals of Moscow’s military campaign in Ukraine as he met with mothers of Russian soldiers fighting there.

“Life is more difficult and diverse that what is shown on TV screens or even on the Internet. There are many fakes, cheating, lies there”, Putin said.

The meeting in the Kremlin with more than a dozen women came as uncertainty persists over whether enlistment efforts may resume in the face of recent battlefield setbacks.

Genius Dog 336 x 280 - Animated

Putin said that he sometimes speaks with troops directly by telephone, according to a Kremlin transcript and photos of the meeting.

“I’ve spoken to (troops) who surprised me with their mood, their attitude to the matter. They didn’t expect these calls from me… (the calls) give me every reason to say that they are heroes,” Putin said.

Some soldiers’ relatives have complained of not being invited to the meeting and have directly criticized Putin’s leadership as well as the recent “partial mobilization” that defense officials said resulted in 300,000 reservists being called up.

 

Olga Tsukanova of the Council of Mothers and Wives, a movement formed by relatives of mobilized soldiers, said in a video message on the Telegram messaging app authorities have ignored queries and requests from her organization.

“We are here in Moscow, ready to meet with you. We are waiting for your reply,” she said, addressing Putin directly.

“We have men in the ministry of defense, in the military prosecutor’s office, powerful guys in the presidential administration… and mothers on the other side. Will you start a dialogue or will you hide?,” she said in her message. Unconfirmed reports by some Russian media outlets suggested that some of the women meeting with Putin on Friday were members of pro-Kremlin social movements, the ruling United Russia party, or local officials backing Putin’s government.

Valentina Melnikova from of the Union of Committees of Soldiers’ Mothers, a Russian rights organization, told the independent Verstka publication earlier this week that its members were also not invited to the meeting.

Since October, relatives of mobilized soldiers have organized protests in over a dozen Russian regions, calling on the authorities to release their relatives from frontline duty and ensure they had appropriate food rations, shelter and equipment.

Reports by the AP, independent Russian media, and activists have suggested that many of the mobilized reservists are inexperienced, were told to procure basic items such as medical kits and flak jackets themselves, and did not receive proper training before deployment. Some were reported killed within days.

Concerns persist in Russia about whether the Kremlin may renew its mobilization efforts, as Ukrainian forces continue to press a counteroffensive in the country’s south and east. Moscow has suffered a string of battlefield setbacks, losing territory in the northeastern Kharkiv and southern Kherson regions.

 

While Russian officials last month declared the “partial mobilization” complete, critics have warned it could resume after military enlistment offices are freed up from processing conscripts from Russia’s annual fall draft.

Source link

Continue Reading

Media

Jennifer Lopez returns to social media to announce ‘This Is Me…Now’

Published

 on

 

CNN

Jennifer Lopez has used the 20th anniversary of the release of her “This Is Me…Then” to announce an update.

“This Is Me…Now” will be her next project and reportedly “chronicles the emotional, spiritual and psychological journey that she has taken over the past two decades.”

Genius Dog 336 x 280 - Animated

Lopez’s social media had gone dark in recent days with much speculation that a big announcement was in the works.

“Featuring confessional songs, reflections on the trials of her past, upbeat celebrations of love with her signature powerhouse vocals, This Is Me…Now shines a spotlight on her tough childhood, unsuccessful relationships and the incredible emotional journey she has been on,” according to Rolling Stone, citing a press release.

The original album, “This Is Me…Then,” was released on November 25, 2002.

In a video posted on her verified social media, Lopez is shown morphing from the artist she was then to who she is today.

“This Was Me…Then” was dedicated to her then-fiance Ben Affleck. It featured her hit single “Jenny From the Block,” as well as a special song about Affleck, “Dear Ben.”

“This Is Me…Now” includes a track titled, “Dear Ben pt. ll.”

The new album was teased in Lopez’s recent Vogue interview in which the collection of songs was referred to “as a kind of bookend to This Is Me…Then, the album she released 20 years ago in the heady early days of her relationship with Affleck.”

“I’m not one of these tortured artists,” Lopez told Vogue. “Yes, I’ve lived with tremendous sadness, like anybody else, many, many times in my life, and pain. But when I make my best music or my best art is when I’m happy and full and feel lots of love.”

Lopez and Affleck are now married, almost 20 years after they first split as a couple.

Source link

Continue Reading

Trending