Gautam Adani’s media venture signaled a serious plan for a play in India’s media and entertainment industry as his companies acquired stakes in NDTV Ltd and launched an open offer to acquire an additional stake.
Major shock for the viewers
Gautam Adani-led Adani Group on Tuesday acquired a 29.18 percent stake in television channel New Delhi Television Ltd (NDTV) and said it will launch an open offer as required by the Securities and Exchange Board of India (SEBI) to buy another 26 percent in the company.
It has come as a major shock for the viewers with people calling it a “hostile takeover”. This is because the news channel has claimed that the 29.18% of the company has been acquired without discussion or consent of NDTV founders Prannoy Roy and Radhika Roy. The two continue to hold 32.26 percent in NDTV.
Adani’s plan for Media Industry
The Adani Group, which in May this year said it will acquire 49 percent in digital news provider BloombergQuint, seeks to further boost its media investment with a television channel under its umbrella.
Once the process is over, Adani, who has enjoyed a decades-long relationship with Prime Minister Narendra Modi and seen his wealth increase in the last eight years of the BJP’s government, will become the owner of one of the most trusted news brands in the country.
This will be the most high-profile bet in the media sector where Mukesh Ambani already has a notable presence through Network18, which runs a bouquet of channels, including news channel CNN-News18 and business channel CNBC-TV18.
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