Seen from afar—say, from the executive suites atop Viacom's building in Times Square or NBC's Rockefeller Center headquarters or Disney's base camp in Burbank—India looks like a great place to be in the television business. More than one billion people live in India, and while most remain poor, the middle class is expanding rapidly. The economy grew by 8% last year; advertising grew faster. Consumers are getting their first credit cards and buying mobile phones, motor scooters, CD players, and of course TV sets. What's more, unlike China, where the central government tightly controls television and print, India enjoys a robust democracy, a boisterous press, and a vibrant film and music industry. So it's no surprise that every one of the global entertainment giants, whose businesses are maturing in the U.S. and in Western Europe, have journeyed to India—and to the rest of Asia—in search of growth.

What they have found upon arrival is a media landscape unlike any other—as noisy, chaotic, overcrowded, and impossible to navigate, at least for a stranger, as the streets of Mumbai, the nation's entertainment capital. Here the past, present, and future live side by side: Shiny new Mercedes swerve around the three-wheeled taxis powered by motorcycle engines and known as auto rickshaws, whose drivers honk impatiently at men pulling ancient wooden carts piled high with mangoes and bananas. Roadside billboards advertise reality TV shows (The Search for India's Smartest Kid) and cable networks (cricket coverage on ESPN). You can almost see money being made. But each time my taxi stops at a traffic light, scrawny children cluster at the windows, tapping on the glass and pointing at their mouths, begging for money to buy something to eat

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