Ending months of speculation, Srini Raju-promoted investment arm is selling its stake in TV9, which has news channels in multiple languages. However, TV9 Founder and Chief Executive Officer Ravi Prakash will retain the management of Associated Broadcasting Company (ABCL), the holding company of TV9.
Two major international investment funds and local investors have reportedly agreed to buy Srini Raju's stake, which he held for over 12 years. “The process is in advance stages of discussions and TV9 will keep you informed of the progress,” Clifford Pereira, Director, ABCL, said in a statement. “There will be no changes to the current management at TV9 and there will be no hindrance to the expansion and growth plans of the network both in India and abroad,” he said.