TV9 founder Chintalapati Srinivasa Raju alias Srini Raju has reportedly sold the news channel and its sister franchise for a whopping Rs 500 crores. The deal, apparently, took place with Megha Engineering & Infrastructures Limited and My Home Group, which is led by P V Krishna Reddy and Dr Jupally Rameswar Rao respectively. However, the major chunk would go to Megha Enterprise. According to repost this is talk going on but an official confirmation is awaited.
Meanwhile, TV9 CEO Ravi Prakash and Srini Raju reportedly will transfer their stakes to Special Purpose Vehicle (SPV) for the smooth process to the buyers.
Megha-My Home Acquires TV9
The reason for selling Associated Broadcasting Company Private Limited (ABCL) which operates seven franchises of TV9 is due to the negative feedback being generated among the public. Moreover, it also lends support to TDP and was called of promoting yellow media by Jana Sena Chief Pawan Kalyan.
“Of late, TV9 has become more controversial. That will impact other businesses. Either one has to leverage it or get out of it. It has lost its purpose. Management will be blamed even if a single member of editorial team misuses freedom given,” a close aide of Srini Raju said.
It may be recalled that previously 10TV and 99TV were bought out.
