No business like news business

Reliance Industries Limited has confirmed that it has entered into a complex deal which is likely to end up giving the Mukesh Ambani-controlled company significant equity in Network18, which, among other properties, operates the TV channels CNN-IBN and CNBC-TV18. This is landmark news, and heralds the long-expected consolidation of the television news industry — as well as the re-entry of large corporations into the business of owning and producing news. As with banking, there was a time when the media was closely controlled by big business. 

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