Mukesh Ambani, India’s richest man, known for his big-bang entries into new industries, now looks like he may want to become India’s first telecom-and-media magnate.

In a deal that may cost Mr. Ambani’s Reliance Industries Ltd. and his media firm, Independent Media Trust, close to $700 million he will take controlling stakes in two of India’s top media companies–Network18 Media & Investments Ltd. and TV18 Broadcast Ltd.

The deal will give Reliance access to a huge library of video content and websites as it prepares to launch a high-speed broadband network which uses fourth-generation telecommunications technology, through its telecom venture Reliance Jio Infocomm Ltd.

“Telecom companies usually struggle in justifying a broadband connection due to lack of access to such exclusive content,” said Rohan Dhamija head of India and South Asia at consulting firm Analysys Mason Network 18 Media & Investments owns print, television and online outlets. Its unit TV18 owns and operates news stations CNBC-TV18, CNN-IBN, IBN7 and CNBC-Awaaz. TV18 also has a joint venture with Viacom Inc. to run entertainment, music and children’s stations in India.

Mr. Ambani’s big media move follows a global trend where telecommunications companies are snapping up content firms to upgrade what they can offer consumers.

U.S. telecommunications giant AT&T Inc. earlier this month agreed to buy DirectTV for $49 billion, to create a pay-television and wireless company with combined revenue of $160 billion and 120 million users. Previously Comcast Corp. signed a $45 billion pact with Time Warner Cable Inc.

Controlling a media company will give Reliance more content to offer to its broadband subscribers and will also help its retail, sports and other businesses.

Reliance Industries owns the Mumbai Indians cricket team. It also has a sports management joint venture, called IMG Reliance which develops sports, fashion and entertainment properties.

IMG Reliance has a 15-year partnership with All India Football Federation to promote soccer in India. It also manages Chennai Open ATP tennis tournament as well as Lakme India Fashion Week. Meanwhile there is also Reliance Retail Ltd. which owns hundreds of wholesale, electronic, fashion and supermarket stores across India.

If Mr. Ambani can succeed at integrating his new media acquisitions into the group, analysts said he could even use Network18 to launch sports channels or use its shopping channel and websites to promote its retail ventures.

“The key to future success is who will orchestrate the next stages of development, how deep will the management changes be, and what impact all this will have on Network18’s employees and commercial partners,” said Mihir Shah vice president of Media Partners Asia.

Data sourced from Indiantelevision.com; additional content by Warc staff