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Ending months of speculation, Srini Raju-led investment firms iLabs Ventures and
Chintalapati Holdings are selling their stake in TV9, which runs TV news channels in multiple languages.
The enterprise value of the entity is pegged at ₹450 crore. “It’s (stake sale) almost done,” Srini Raju told BusinessLine.
Four unnamed investors — including two major international investment funds — have come together to buy out the over 80 per cent stake.
Srini Raju's investment firms have been holding thestake in TV19 for over 14 years.
Post the stake sale, about 100 employees of the two firms will get ESOPs.
TV9 founder and CEO Ravi Prakash will retain the leadershipof Associated Broadcasting
Company Ltd (ABCL), which promotes the channel.
“There will benochanges to the current management at TV9 and there will be no hindrance to the expansion and growth plans of the network,” Clifford Pereira, Director, ABCL, said in a statement.
One of the earliest players in the regional TV space, TV9runs channels in Telugu,Kannada, Gujarati, Marathi and English. It ran into trouble in the newly formed Telangana, when cable operators imposed a ban on it along with ABN Andhra Jyothi.
The recent controversies surrounding TV9’s programmeshave reportedly hastened the exit plans of Srini Raju as they were threatening to impact his other investments,which are spread into different sectors including the Sri City venture, said sources
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