The shares of TV9, popular Telugu news channel, will soon be sold. TV9's Founder-promoter Sriniraju said that clarity on the transaction will come within a month.
Speaking to ‘Sakshi’ daily in Hyderabad on Thursday, he said that three firms were competing to get the shares in TV9. However, he declined to name the firms.
Sriniraju has 60 per cent shares in the news channel. “We have appointed an investment banker to sell the shares two years ago. We could not complete the process due to the economic slowdown,” informed the promoter.
He said that the process of finding out the total value of the channel is being done now. MSOs have obstructed the broadcasting of TV9 new channel. This will also have an effect on the total value of the channel.
“Only selling away the shares of the channel will take place. There will only be the replacement of investors. There will be no changes in either employees or management,” said Sriniraju.
TV9 has seven regional news channels. As per the reports, the total value of the news channel will be around Rs.400 crores.
Initially, Sriniraju had 100 per cent shares in the channel. Later, 20 per cent shares were allotted to CEO and co-employees. Another 20 per cent shares were allotted to SAIF Partners of USA for an amount of Rs.51 crores.