NewsGate Press Network

Billionaire Gautam Adani is going-in for bigtime media play.

On Wednesday the 27th of April 2022 he announced a new namely AMG Media Networks Ltd (a wholly-owned subsidiary) to enter into media business.

It will include publishing, advertising, broadcasting and distribution of content over different types of media networks.

“AMG Media Networks Limited will commence its business operations in due course,” Adani Enterprises said in a regulatory filing on the BSE.

Various media outlets are reporting while quoting industry sources said that Adani has big plans to dominate the Indian news and media sector and they include acquiring established players with presence in TV news, newspaper and digital news content.

Commenting on the development, Jehil Thakkar, Partner, Media and Entertainment Leader, Deloitte India said, “This is good news for industry professionals and content developers. More competition will add to the vibrancy in the sector. Overall, for the growth of the sector, it is very good news.”

Thakkar added that media sector in India still has a lot of space to grow as even as penetration of TV is not fully covered 100% across all households while 5G revolution is yet to prosper.

“We are still very poorly penetrated on fiber to the home. There is still a lot to be done in the country that can drive media,” he added.

A EY-FICCI report last month said that media and entertainment sector in the country is expected to grow 17% in 2022 to reach Rs 1.89 trillion ($25.2 billion) and recover its 2019 levels and then grow at a CAGR of 11% to reach Rs 2.32 trillion ($30.9 billion) by 2022.