Adani's AMG Media Networks increases its stake in NDTV to 64.71%
AMG Media Networks Ltd (AMNL), through its indirect subsidiary RRPR, has acquired 27.26 per cent stake in NDTV from Radhika Roy and Prannoy Roy, resulting in a controlling stake of 64.71 per cent in NDTV by AMNL through its subsidiaries, a statement said.
The Roys continue to hold a 5 per cent stake in NDTV, a welcome presence in NDTV's new chapter, it said.
Gautam Adani, Founder and Chairman of the Adani Group said: "The Adani Group is privileged to further bolster NDTV with world-class infrastructure and talent and transform NDTV into a thriving multi-platform global news organisation."
"I take this opportunity to thank Radhika Roy and Prannoy Roy for a friendly and seamless transition", said Sanjay Pugalia, CEO, AMG Media Networks Ltd.
"One of the first things we plan to do is to strengthen and invest in the NDTV newsroom to be a multi-faceted multi-media digital platform. To grow NDTV's digital reach via greater regional content, new formats, personalisation and interactivity with viewers would require more reporters, producers and editors supported by strong research tools. We will deliver news that really adds value to the lives of Indian citizens and those interested in India."
Subsequent to change in control, the Board of NDTV has been further strengthened with the appointment of former IAS officer Sunil Kumar and former civil servant Aman Kumar Singh, in addition to Sanjay Pugalia and Senthil Sinniah Chengalvarayan, who were appointed earlier. All the new directors have diverse experience in the fields of news, literacy and public policy, governance, media, branding, communication, technology, and economy and their rich set of competencies, skills and experience will be extremely valuable to NDTV.
The actions will significantly accelerate value creation for all stakeholders, in line with the Adani Group's business philosophy and will help to capture the growth in the market.
Recognised as "India's and Asia's Most-Trusted News Broadcaster", NDTV has a strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms. AMNL will build on this base, with greater, sharper, more relevant international content, to deliver a truly global news network, the statement said.
There are synergies to be harnessed within the growing AMNL portfolio, like the one between BQ Prime and NDTV Profit. BQ Prime is one of India's youngest and most credible financial news platforms with a purely digital presence. NDTV Profit is a business TV channel from the NDTV stable.