RIL drops IPL

Viacom 18 Media Pvt, a joint venture between Reliance industries and US media giant Paramount Global has dropped pursuing the television broadcast rights to broadcast the IPL matches for the coming five years and Walt Disney co has taken it up for $3 billion dollars. The reason stated was that they saw limited opportunity for long-term profit. 

The decision to let go of the television rights have supposedly saved funds that will help Reliance with the upcoming 5G spectrum auction.