Corporate Grapevine

Published: Aug 31, 2022
Updated: Aug 31, 2022

Billionaires thirst for ‘media clout’

Like in the US, billionaires in India are buying media companies. After Mukesh Ambani took over TV18 Broadcast, Kumar Birla bought 27.5 per cent in Living Media and the operators of Aaj Tak channels and Uday Kotak bought a business newspaper, it was quite ‘natural’ for Gautam Adani to enter the fray with an eye on NDTV.

The billionaires’ yen for media channels is quite natural. It gives them a ‘hedge’ from criticism by other channels, while giving them clout with the bureaucracy and politicians.

Insiders say the so-called ‘independent’ newspapers have also used their clout to acquire discounted real estate in the past and hence it’s very difficult to name a single media outlet which is really independent in India.