Danish Scien i ic Jou nal No100, 2025 61
SOCIAL SCIENCES
MEDIA OWNERSHIP CONCENTRATION IN INDIA: AN EMPIRICAL INVESTIGATION OF
MARKET POWER AND DEMOCRATIC DISCOURSE
D . Ra i Cha u edi
Assis an P o esso
Ashish Ve ma
Assis an P o esso
Vi ekananda Ins i u e o P o essional S udies-TC, New Delhi
h ps://doi.o g/10.5281/zenodo.17249790
Abs ac
This s udy in es iga es he concen a ion o media owne ship in India and i s implica ions o edi o ial inde-
pendence, media plu alism, and democ a ic discou se. Using quan i a i e ma ke analysis wi h egula o y exami-
na ion, he s udy mapped owne ship s uc u es ac oss p in , ele ision, and digi al media segmen s. Ou indings
e eal signi ican concen a ion le els, pa icula ly in egional ma ke s whe e he op wo newspape s o en con ol
o e 60% o eade ship sha es. The Hindi p in ma ke shows he highes concen a ion, wi h ou majo ou le s
cap u ing 76.45% o eade ship. Co po a e akeo e s by conglome a es like Reliance and Adani ha e in ensi ied
hese ends, wi h Reliance con olling o e 70 ele ision channels and Adani acqui ing majo i y s akes in NDTV.
The s udy analyses egula o y amewo ks h ough policy documen s and RTI esponses. Resul s indica e ag-
men ed and la gely ine ec i e owne ship egula ions, c ea ing subs an ial gaps in sa egua ding media plu alism.
These indings sugges u gen need o comp ehensi e policy e o ms o p ese e di e se oices in India's demo-
c a ic discou se.
Keywo ds: Media owne ship, ma ke concen a ion, media plu alism, democ a ic discou se, India
In oduc ion
The ela ionship be ween media owne ship con-
cen a ion and democ a ic heal h has become inc eas-
ingly c i ical in con empo a y India (Guha Thaku a,
2012). As co po a e conglome a es expand hei media
po olios and adi ional bounda ies be ween di e en
media segmen s blu , conce ns abou edi o ial inde-
pendence and plu alism ha e in ensi ied (Sony, 2024).
The Indian media landscape p esen s a pa icula ly
complex case s udy due o i s linguis ic di e si y, ed-
e al s uc u e, and apid digi aliza ion. Howe e , he
sys ema ic acqui ing o media p ope ies in ecen
imes ha e ma ked a signi ican shi in India's media
owne ship pa e ns. Reliance Indus ies, h ough Ne -
wo k18, has buil wha i desc ibes as an "omni-channel
p esence" ac oss mul iple media pla o ms (S a is a,
2024). Adani G oup while acqui ing NDTV in Decem-
be 2022 has also indi ec ly con ol many media en i ies
h ough i s subsidia y AMG Media Ne wo ks L d.
Academic esea ch has consis en ly highligh ed
he isks o concen a ed media owne ship o demo-
c a ic discou se (Bake , 2007). When media ou le s a e
con olled by a small numbe o en i ies, he di e si y
o iewpoin s a ailable o ci izens diminishes, po en-
ially unde mining in o med democ a ic pa icipa ion
(He man & Chomsky, 2002). This is pa icula ly con-
ce ning in India, whe e media plays a c ucial ole in
connec ing di e se linguis ic and cul u al communi ies.
The Telecom Regula o y Au ho i y o India did is-
sue media owne ship ecommenda ions back in 2009,
and hey' e ecen ly ini ia ed esh consul a ion p o-
cesses in 2022. Bu implemen a ion o hei ea lie ec-
ommenda ions has been ex emely limi ed, while cu -
en egula ions emain agmen ed and p ac ically in-
e ec i e. (IAMAI, 2022).
This s udy add esses hese conce ns h ough a
comp ehensi e empi ical in es iga ion o media own-
e ship concen a ion in India (Media Owne ship Moni-
o , 2023). Ou esea ch examines he ex en o concen-
a ion ac oss di e en media segmen s, analyses he
egula o y amewo k, and assesses implica ions o
edi o ial independence and democ a ic discou se (Guha
Thaku a, 2012).
Li e a u e Re iew
The heo e ical ounda ion o s udying media
owne ship concen a ion es s on conce ns abou ma -
ke ailu e and democ a ic pa icipa ion. Bake 's in lu-
en ial wo k iden i ied he endency o p i a e en ep e-
neu s o monopolize he ma ke place o ideas in pu sui
o economic e iciency (Bake , 2007). This pe spec i e
aligns wi h b oade poli ical economy app oaches ha
iew media owne ship pa e ns as undamen al o un-
de s anding con en p oduc ion and dis ibu ion (He -
man & Chomsky, 2002).
In e na ional esea ch demons a es consis en
pa e ns whe e concen a ed owne ship co ela es wi h
educed edi o ial di e si y and inc eased suscep ibili y
o owne in luence (Bagdikian, 2004). S udies om de-
eloped democ acies like he Uni ed S a es, Uni ed
Kingdom, and Aus alia ha e led o he implemen a ion
o c oss-media owne ship es ic ions and egula eg-
ula o y e iews .
In he Indian con ex , ecen academic wo k has
highligh ed he comme cializa ion and concen a ion
ends in he media landscape (Sony, 2024). The eme -
gence o al e na i e media pla o ms like PARI (Peo-
ple's A chi e o Ru al India) has been posi ioned as a
esponse o he dominance o co po a e media alues.
Howe e , hese al e na i es emain ma ginal compa ed
o mains eam co po a e media.
62 Danish Scien i ic Jou nal No100, 2025
The Media Owne ship Moni o 's in es iga ion o
India e ealed highly concen a ed ma ke segmen s
ac oss di e en egions and languages. Thei analysis
o 58 leading media ou le s showed ha 4 newspape s
con ol o e h ee-qua e s o he Hindi eade ship ma -
ke . Regional ma ke s display simila concen a ion
pa e ns, wi h he op wo newspape s in each language
ma ke ypically con olling majo i y eade ship sha es
(Media Owne ship Moni o , 2023).
Digi al ans o ma ion has added new dimensions
o owne ship concen a ion conce ns. The ise o
s eaming pla o ms and digi al news websi es has c e-
a ed oppo uni ies o bo h di e si ica ion and u he
concen a ion. Majo co po a e g oups ha e le e aged
hei adi ional media asse s o build digi al ecosys-
ems, po en ially ex ending hei in luence ac oss mul-
iple pla o ms (S a is a, 2024).
Resea ch Design and Me hodology
Ou in es iga ion ocuses on h ee p ima y media
segmen s: p in newspape s, ele ision channels, and
digi al news pla o ms. The s udy co e s bo h na ional
and egional ma ke s, ecognizing India's linguis ic di-
e si y and ede al media s uc u e and has been de-
signed o p o ide comp ehensi e quan i a i e and eg-
ula o y analysis o media owne ship concen a ion in
India. The me hodology ollows es ablished ame-
wo ks o media ma ke analysis while adap ing o he
speci ic cha ac e is ics o he Indian media landscape
and he ime ame o he s udy encompasses da a om
2020-2024, allowing analysis o ecen concen a ion
ends.
Da a Collec ion S a egy
We collec ed owne ship and ma ke sha e da a
om mul iple au ho i a i e sou ces. The Indian Read-
e ship Su ey (IRS) p o ided comp ehensi e eade -
ship da a while Tele ision iewe ship da a was ob-
ained om he B oadcas Audience Resea ch Council
(BARC), which measu es iewing habi s ac oss 210
million households using 50,000+ panel homes (B oad-
cas Audience Resea ch Council, 2023).
Digi al media consump ion pa e ns we e analysed
using indus y epo s and pla o m-speci ic da a. Own-
e ship in o ma ion was ga he ed h ough sys ema ic
analysis o company ilings wi h he Minis y o Co -
po a e A ai s (MCA), Secu i ies and Exchange Boa d
o India (SEBI) disclosu es, and Regis a o Newspa-
pe s o India (RNI) eco ds (Wikipedia Con ibu o s,
2021). Righ o In o ma ion (RTI) eques s we e su ed
o addi ional owne ship de ails and go e nmen ad e -
ising alloca ion da a (TRAI, 2014).
Ma ke De ini ion and Owne ship Mapping
P ocess
Rele an ma ke s we e de ined along bo h geo-
g aphic and linguis ic dimensions. Geog aphic ma ke s
included na ional, s a e, and egional le els and linguis-
ic ma ke s we e de ined by p ima y language o publi-
ca ion o b oadcas . This app oach ecognizes ha
Hindi newspape s compe e p ima ily wi h o he Hindi
publica ions a he han English o egional language
pape s (Media Owne ship Moni o , 2023).
Owne ship s uc u es we e mapped h ough de-
ailed analysis o co po a e eco ds and inancial dis-
closu es (Wikipedia Con ibu o s, 2021). This p ocess
iden i ied ul ima e bene icial owne s, c ossholdings,
and complex owne ship webs common in Indian media
companies (Guha Thaku a, 2012). Special a en ion
was paid o e ical in eg a ion be ween con en p o-
duc ion and dis ibu ion, as well as ho izon al in eg a-
ion ac oss di e en media ypes.
The egula o y analysis amewo k includes ex-
amina ion o exis ing laws, TRAI ecommenda ions,
and policy implemen a ion gaps. Companies Ac 2013,
SEBI egula ions, P ess and Regis a ion o Pe iodicals
Ac 2023, and sec o -speci ic b oadcas ing guidelines
we e analysed o be e assessmen and unde s anding.
Compa a i e analysis wi h in e na ional bes p ac ices
p o ided con ex o assessing India's egula o y ame-
wo k (TRAI, 2014).
Findings
Ma ke Concen a ion Analysis
Ou analysis e eals signi ican concen a ion
ac oss all majo media segmen s in India. The Hindi
p in ma ke demons a es he highes concen a ion
le els, wi h Dainik Jag an, Hindus an, Ama Ujala,
and Dainik Bhaska collec i ely cap u ing 76.45% o
eade ship sha e (Media Owne ship Moni o , 2023).
Dainik Jag an alone main ains ci cula ion exceeding
3.6 million copies daily ac oss mul iple edi ions (Wik-
ipedia Con ibu o s, 2021).
Regional language ma ke s show e en mo e p o-
nounced concen a ion pa e ns. In he Tamil newspa-
pe ma ke , he op wo publica ions con ol app oxi-
ma ely wo- hi ds o eade ship. Simila ly, Telugu
newspape s Eanadu and Sakshi each 71.13% o audi-
ences in hei ma ke . This pa e n is consis en ac oss
Bengali, O iya, Punjabi, Kannada, Guja a i, U du, Ma-
a hi, and Assamese ma ke s (Media Owne ship Moni-
o , 2023).
The English p in ma ke , while mo e agmen ed
na ionally, shows concen a ion in speci ic geog aphic
egions, The Times o India G oup main ains ma ke
leade ship in se e al majo ci ies, le e aging i s posi-
ion as he la ges -selling English daily globally (Wik-
ipedia Con ibu o s, 2021). The g oup's ma ke domi-
nance ex ends beyond ci cula ion o ad e ising e e-
nue, whe e i has pionee ed con o e sial p ac ices like
"paid news" and "p i a e ea ies" (Economic and Po-
li ical Weekly, 2014).
Tele ision Ma ke Concen a ion
Tele ision iewe ship da a om BARC India e-
eals concen a ed con ol ac oss en e ainmen and
news segmen s. Despi e he p esence o o e 880 sa el-
li e TV channels, including 380+ news channels, ac ual
iewe ship concen a ion is subs an ial. S a Spo s 1
Hindi eme ged as he mos -wa ched ele ision channel
o e all, demons a ing he powe o spo s con en in
a ac ing audiences (B oadcas Audience Resea ch
Council, 2023).
The en e ainmen sec o shows clea concen a-
ion pa e ns, wi h majo g oups like Zee En e ainmen
and Sun TV Ne wo k con olling signi ican iewe ship
sha es in hei espec i e ma ke s (Wikipedia Con ib-
u o s, 2021). Zee En e ainmen , despi e owne ship dis-
pu es, main ains subs an ial ma ke p esence ac oss
mul iple languages. Sun TV Ne wo k demons a es con-
cen a ed egional con ol, wi h he Kalani hi Ma an
Danish Scien i ic Jou nal No100, 2025 63
amily holding 75.5% owne ship and he g oup ope a -
ing 14 channels ac oss ou s a es (Wikipedia Con ib-
u o s, 2021).
Digi al Media Landscape
The digi al media ma ke p esen s a mo e complex
concen a ion pic u e due o apid g ow h and e ol ing
owne ship pa e ns. India's digi al media ma ke was
alued a USD 21,853.8 million in 2023, wi h p ojec-
ions eaching USD 61,365.1 million by 2030 (EY In-
dia, 2025). Video con en domina es wi h 39.63% ma -
ke sha e, while in e ac i e media ep esen s he as es -
g owing segmen (Business S anda d, 2025).
Co po a e consolida ion in digi al media has ac-
cele a ed, pa icula ly h ough Reliance's Ne wo k18
g oup and he ecen Disney-Jio me ge . Reliance's ne -
wo k eaches app oxima ely 800 million iewe s ac oss
adi ional and digi al pla o ms. The c ea ion o Jio-
Ho s a h ough he Disney-Jio join en u e is posi-
ioned o become India's la ges media company (S a-
is a, 2024).
Co po a e Takeo e Pa e ns
Recen co po a e acquisi ions ha e in ensi ied
concen a ion conce ns. The Adani G oup's acquisi ion
o NDTV o app oxima ely ₹11,000 million ma ked a
signi ican shi in he news media landscape. This ac-
quisi ion was achie ed h ough complex inancial
s uc u es in ol ing Vish ap adhan Comme cial P i-
a e Limi ed (VCPL), demons a ing how owne ship e-
s ic ions can be ci cum en ed (Sony, 2024).
The pa e n o co po a e akeo e s ex ends beyond
indi idual acquisi ions o sys ema ic po olio building.
Reliance Indus ies has buil media holdings ac oss el-
e ision, digi al pla o ms, and dis ibu ion ne wo ks.
Th ough Ne wo k18, he g oup ope a es news channels,
en e ainmen p ope ies, and digi al pla o ms like
Fi s pos and Moneycon ol (Wikipedia Con ibu o s,
2021).
Regula o y F amewo k Analysis
India's media owne ship egula ions p esen a
agmen ed and la gely ine ec i e amewo k o con-
olling concen a ion. Unlike de eloped democ acies
wi h comp ehensi e c oss-media owne ship ules, In-
dia lacks speci ic h esholds o measu emen mecha-
nisms o owne ship concen a ion.
TRAI's 2009 ecommenda ions on media owne -
ship add essed e ical in eg a ion conce ns by p opos-
ing 20% equi y caps be ween b oadcas e s and dis ib-
u o s. Howe e , hese ecommenda ions ha e no been
ully implemen ed, and exis ing egula ions con ain
signi ican loopholes. The 2022 consul a ion pape in-
dica es TRAI's ecogni ion o g owing concen a ion
conce ns (IAMAI, 2022).
Cu en disclosu e equi emen s unde he Com-
panies Ac 2013 and SEBI egula ions p o ide some
anspa ency, bu en o cemen emains weak. Complex
owne ship s uc u es and c oss-sha eholding a ange-
men s o en obscu e bene icial owne ship, making e -
ec i e egula ion di icul (IAMAI, 2022).
C oss-Media Holdings
Analysis o c oss-media holdings e eals ex en-
si e in eg a ion ac oss di e en media ypes . Majo
media g oups main ain ope a ions in p in , ele ision,
adio, and digi al pla o ms simul aneously (S a is a,
2024). The Times G oup ope a es newspape s, ele i-
sion channels, adio s a ions, and digi al p ope ies. Sun
Ne wo k's po olio includes ele ision channels, cable
asse s, magazines, adio s a ions, and newspape s
ac oss ou s a es (Wikipedia Con ibu o s, 2021).
This c oss-media in eg a ion c ea es po en ial o
coo dina ed edi o ial in luence ac oss mul iple pla -
o ms . When single en i ies con ol mul iple media
ypes in speci ic ma ke s, he di e si y o oices a ail-
able o audiences diminishes signi ican ly (Media
Owne ship Moni o , 2023).
Discussion
Implica ions o Edi o ial Independence
The concen a ion pa e ns documen ed in his
s udy aise se ious conce ns abou edi o ial independ-
ence in Indian media. When co po a e conglome a es
wi h di e se business in e es s con ol majo media ou -
le s, po en ial con lic s o in e es mul iply. The Adani
G oup's media acquisi ions, combined wi h i s ex en-
si e business ope a ions ac oss ene gy, in as uc u e,
and o he sec o s, exempli y hese isks (Sony, 2024).
E idence o edi o ial in luence is al eady eme g-
ing. The acquisi ion o NDTV by Adani was p eceded
by he hi ing o "go e nmen - iendly jou nalis s" and
appoin men o a new CEO. Such changes sugges ha
owne ship concen a ion may al eady be a ec ing edi-
o ial independence in high-p o ile cases (Sony, 2024).
Ma ke Powe and Democ a ic Discou se
The documen ed concen a ion le els indica e
subs an ial ma ke powe in key media segmen s. When
ou newspape s con ol o e h ee-qua e s o Hindi
eade ship, hei edi o ial decisions signi ican ly in lu-
ence public discou se (Media Owne ship Moni o ,
2023). This concen a ion is pa icula ly conce ning
gi en he ole o Hindi media in connec ing India's la g-
es linguis ic communi y.
Regional ma ke concen a ion may be e en mo e
p oblema ic o democ a ic discou se . When wo
newspape s con ol wo- hi ds o mo e o eade ship in
speci ic language ma ke s, al e na i e iewpoin s ha e
limi ed channels o each audiences (Media Owne ship
Moni o , 2023). This concen a ion o oice po en ially
unde mines he ma ke place o ideas essen ial o dem-
oc a ic deba e (Bake , 2007).
Regula o y E ec i eness
This s udy e eals signi ican gaps in India's egu-
la o y amewo k o media owne ship. Unlike coun-
ies wi h speci ic concen a ion h esholds and egula
moni o ing, India elies on gene al co po a e law and
agmen ed sec o -speci ic egula ions. The lack o im-
plemen a ion o TRAI's 2009 ecommenda ions demon-
s a es he challenges o e ec i e egula ion in his a ea
(TRAI, 2014). The ongoing TRAI consul a ion p ocess
o e s an oppo uni y o egula o y e o m. Howe e ,
pas expe ience sugges s ha implemen a ion will e-
main challenging wi hou s onge poli ical commi -
men and clea e egula o y au ho i y.
Digi al Media Challenges
The apid g ow h o digi al media adds new di-
mensions o concen a ion conce ns. While digi al pla -
o ms po en ially o e lowe ba ie s o en y and
g ea e di e si y, he da a shows majo co po a e
g oups ex ending hei in luence in o digi al spaces .
64 Danish Scien i ic Jou nal No100, 2025
The Disney-Jio me ge c ea ing India's la ges media
company illus a es how digi al g ow h may ac ually
inc ease a he han dec ease concen a ion (S a is a,
2024).
Policy Recommenda ions
Based on ou indings, se e al policy in e en-
ions could help add ess media owne ship concen a-
ion in India:
1. Comp ehensi e Owne ship F amewo k: In-
dia needs uni ied legisla ion co e ing c oss-media
owne ship ac oss all pla o ms. This amewo k should
include speci ic concen a ion h esholds based on ma -
ke sha e and audience each me ics (Singh & Gup a,
2014).
2. Enhanced T anspa ency Requi emen s:
Owne ship disclosu e equi emen s should be s eng h-
ened o e eal ul ima e bene icial owne s and c oss-
holdings. Regula public epo ing o owne ship
changes and ma ke sha e da a would imp o e anspa -
ency.
3. Implemen a ion Au ho i y: A dedica ed media
egula ion au ho i y wi h clea manda e and en o ce-
men powe s could imp o e implemen a ion o owne -
ship ules. Cu en agmen a ion ac oss mul iple agen-
cies educes egula o y e ec i eness (IAMAI, 2022).
4. Ma ke Moni o ing: Regula ma ke concen-
a ion moni o ing using s anda dized me ics like HHI
would enable imely in e en ion when concen a ion
h ea ens plu alism (Singh & Gup a, 2014).
5. Digi al Pla o m Inclusion: Regula o y ame-
wo ks mus encompass digi al media pla o ms and
s eaming se ices, no jus adi ional media. The con-
e gence o media ypes equi es comp ehensi e a he
han segmen ed egula ion.
Limi a ions and Sugges ions
This s udy aces se e al limi a ions. Ma ke sha e
da a, pa icula ly o digi al pla o ms, may no cap u e
he ull complexi y o audience beha iou ac oss mul-
iple pla o ms. Owne ship mapping, while comp ehen-
si e, may no e eal all in o mal in luence ela ion-
ships. The apid pace o change in media ma ke s
means ha indings may become ou da ed quickly. Ad-
di ionally, ou ocus on quan i a i e concen a ion
measu es canno ully cap u e quali a i e aspec s o ed-
i o ial independence and con en di e si y. Fu u e e-
sea ch inco po a ing con en analysis and jou nalis in-
e iews would p o ide addi ional insigh s in o he e-
la ionship be ween owne ship and edi o ial p ac ice.
Fu he s udies should also in es iga e he con en
implica ions o owne ship concen a ion h ough sys-
ema ic edi o ial analysis. Longi udinal s udies acking
concen a ion ends and hei ela ionship o edi o ial
independence would p o ide aluable insigh s o pol-
icy de elopmen (Singh, 2024). In e na ional compa a-
i e s udies could iden i y bes p ac ices o media own-
e ship egula ion in di e se democ a ic con ex s.
Conclusion
India's media landscape exhibi s cha ac e is ics
associa ed wi h educed democ a ic discou se due o
signi ican media owne ship concen a ion ac oss In-
dia's majo media segmen s. The co po a e akeo e
pa e ns documen ed in his s udy, pa icula ly he sys-
ema ic acquisi ion s a egies o g oups like Reliance
and Adani, sugges ha concen a ion ends a e accel-
e a ing a he han mode a ing. The heal h o demo-
c a ic discou se depends on main aining di e se media
oices, and cu en ends poin owa d u he concen-
a ion wi hou e ec i e in e en ion. Policymake s
mus ac o p ese e he ma ke place o ideas ha un-
de pins democ a ic socie y.
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