NDTV Founders Roys to sell majority stake to Adani Group
“We started NDTV in 1988 in the belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine.”
TNI Bureau: Prannoy Roy and his wife Radhika Roy, founders of the New Delhi Television Ltd. (NDTV), announced on Friday that they will sell most of their remaining holdings in the company to Adani Group.
In a Joint statement to stock exchanges, the founders of NDTV expressed their optimism that Gautam Adani, owner of AMG Media Network, “would safeguard the values of trust, credibility, and independence” which the channel stands for.
“The AMG Media Network, after the recent Open Offer, is now the single-largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media network,” said a statement from the founders.
The duo noted that their negotiations with Adani have been productive and positive ever since the Open Offer was launched, “all the suggestions we made were accepted by him positively and with openness”.
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Together, the two have a 32.26 percent investment in NDTV, while Adani Group currently has a 37.44 percent stake in the business. The couple will sell 27.26% of their stock in the business, leaving them with a minority 5% shareholding in the company.
The founders described the history of the news broadcaster, saying, “We started NDTV in 1988 in the belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine.”
“After 34 years, we believe that NDTV is an institution that has met so many of our hopes and ideals; we are so proud and grateful that across the globe, NDTV is recognized as “India’s and Asia’s Most-Trusted News Broadcaster,” added the statement.
Since the Adani group began its buyout offer for the media firm, shares of NDTV have increased by more than 16%.
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