Why can't media sellers consolidate?

India is one of the world's largest TV and print markets. But it continues to have one of the worst ad spend-to-GDP ratios among emerging economies. Raj Nayak was called the “superman” of media advertising sales. If there was one person who could convince an advertiser to buy a block of television time or a spot of internet space, it was Mr Nayak. He headed ad sales at Star India, and then set up NDTV Media — an independent company that he owned along with Prannoy Roy’s NDTV. The idea was to bundle a whole lot of television channels, websites and anything else that came along and sell it to advertisers.

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