New Delhi, Financial advisory firm Spark Capital has given a "negative" outlook on all broadcasters and especially a "sell" call on TV18 shares.

It pegged the target price at Rs 38 as against the current share price of Rs 62.

"Even with Uday Shankar at helm, we believe such expectation is difficult to meet, especially if it spends huge amount for IPL media rights," the firm said in a report.

Reliance and Viacom18 on Wednesday announced a strategic partnership with Bodhi Tree Systems -- a platform of James Murdoch's Lupa Systems and Uday Shankar -- to form one of the largest TV and digital streaming companies in India.

Bodhi Tree Systems is leading a fund raise with a consortium of investors to invest Rs 13,500 crore in Viacom18, to jointly build India's leading entertainment platform and pioneer the Indian media landscape's transformation to a "streaming-first" approach.

Shares of TV18, the parent company of Viacom18, tanked 17 per cent on Wednesday.