New Delhi, Feb. 3 -- Reliance Industries Ltd-owned Jio Studios has acquired a 50.1% equity stake in Sikhya Entertainment Pvt. Ltd (SEPL) through a combination of primary and secondary transactions, for an aggregate cash consideration of Rs.150 crore.

The development is seen as yet another example of growing consolidation in the media and entertainment sector, fraught with challenges of box office volatility and plateauing OTT subscriptions.

The collaboration between Reliance Strategic Business Ventures Ltd, which operates Jio Studios, and Guneet Monga Kapoor and Achin Jain's SEPL will help co-create films and series for audiences in India and worldwide.

The partnership brings together Jio Studios' scale, reach, focus on building enduri...