According to media reports, The most popular Telugu news channels TV9 on for sale. Zee to acquire a stake in TV9 channel.
Essel Group’s Zee Network is likely to acquire a majority stake in Hyderabad-based media firm Associated Broadcasting Company Private Limited (ABCL), which owns a bouquet of regional news channels including TV9 Telugu, TV9 Kannada , TV9 Marathi , TV9 Gujarati and other 3 from this broadcaster.
At present Venture capitalist Chintalapati Srinivasa Raju owns about 60 per cent stake in ABCL, US-based private equity firm Saif Partners holds 20 per cent while the TV9 founder and Chief Executive Officer Ravi Prakash and his associates hold the remaining 20 percent stake.
A deal was finalised between ABCL and Zee Group and the entire transaction was expected to be closed in a couple of months time.
Sources say Zee Group, Carlyle Group ,Providence, ABP ,Reliance’s Network 18 group and Raghav Bahl have shown interests to acquire a stake in TV9.