Ajay Singh, who is the co-founder and owner of SpiceJet, is set to take control of New Delhi Television Limited (NDTV) as the channel’s founders Prannoy Roy, Radhika Roy and promoter firm RRPR Holding face a probe for allegedly concealing a share transaction, Indian Express has reported.
“Yes, the deal has been finalised, and Ajay Singh will take control of NDTV along with editorial rights,” the daily quoted an unnamed source as saying.
Sources told the Indian Express that Singh, who was part of the Bharatiya Janata Party’s 2014 poll campaign, will have a controlling stake of around 40 per cent. The Roys will hold around 20 per cent stake in the company. As of June 2017, promoters held 61.45 per cent stake in the channel.
According to the daily’s report, the total deal is valued at around Rs 600 crore. While a large chunk would go towards NDTV’s debt of over Rs 400 crore, the Roys are expected to get a part of the cash (around 100 crore).
As you are no doubt aware, Swarajya is a media product that is directly dependent on support from its readers in the form of subscriptions. We do not have the muscle and backing of a large media conglomerate nor are we playing for the large advertisement sweep-stake.
Our business model is you and your subscription. And in challenging times like these, we need your support now more than ever.
We deliver over 10 - 15 high quality articles with expert insights and views. From 7AM in the morning to 10PM late night we operate to ensure you, the reader, get to see what is just right.
Becoming a Patron or a subscriber for as little as Rs 999/year is the best way you can support our efforts.