Sources close to the development said the feasibility study suggested the proposed new business would not gel well with the interests of country's largest private sector group, which is into oil, petrochemicals, textiles and retail.
Reliance had appointed Ernst & Young in June to prepare a feasibility report on its entry into TV news business. It had also appointed a former Disney hand to spearhead its initiative to launch three media channels.
The Reliance group had started toying with the option of getting into TV news business four months ago when the British Broadcasting Corporation began hunting for an Indian partner for foraying to the space.
Initially, it was planned that the Observer Research Foundation would be the group's vehicle for this business.
It was also learnt Reliance might launch three channels in the business and news (English as well as vernacular) genres by the end of this year. However, Reliance spokesperson declined to comment on the development.
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