It is now official. Popular television news channel TV9 has confirmed the reports that it is changing hands with original promoter of the channel Srini Raju opting out of it.
A statement by Clifford Pereira, Director, Associated Broadcasting Company Private Limited, the group company of TV9, said the TV9 Management team under the leadership of its CEO Ravi Prakash is set to takeover ABCL with two major international investment funds and local investors.
“The process is in advance stages of discussions and TV9 will keep the people informed of the progress,” he said.
Making it clear that there will be no changes to the current management at TV9 and there will be no hindrance to the expansion and growth plans of the network both in India and abroad, Pereira said TV9 shall thrive relentlessly at all levels to maintain leadership position in all markets.
Though the statement has nowhere mentioned who the two major international investment funds and the local investors are, there have been reports about International Finance Corporation (IFC), a member of the World Bank group, would acquire 49 per cent stake in the media network through the Global Information and Communication Technologies.
It would mean the local investors including Ravi Prakash would take over the remaining 51 per cent, Though it is not immediately revealed who the local investors are, sources say they are infrastructure giant Megha Engineering and Infrastructure Limited (MEIL) promoted by Krishna Reddy and My Home group promoted by real estate tycoon Jupalli Rameshwar Rao. While Megha will have the lion's share, My Home will have minor share in TV9.
“May be Ravi Prakash will be the front man of these local investors,” sources said.
The Associated Broadcasting Company Limited (ABCL), the brand owner of TV9, has been running nine channels across the country.
As of now, ABCL is held by Chintalapudi Holdings Pvt Lited, iLabs Venture Capital Fund and SAIF Partners, who together own about 80 per cent.
Rest of the stakes is held by CEO Ravi Prakash and his team.