TV 9 set to change hands in 4.5-billion deal, formalities to begin soon

TV 9 logo | Wikimedia Commons
A group of investors led by Hyderabad-based Megha Engineering and Infrastructure Limited (MEIL) has signed a definitive agreement to buy out Associated Broadcasting Company Private Limited (ABCL), which owns a bouquet of regional television news channels under the brand name of TV 9 in Telugu and other languages.

Private equity firm Peepul Capital's co-founder and chairman, Sriniraju (Chintalapati Srinivasa Raju), and his firms own majority stake in the media company while private equity firm Saif Partners and TV 9 CEO Ravi Prakash own the rest of the equity.

Sources close to the development said an SPV set up by the promoters of MEIL, My Home Group and a couple of other investors will be acquiring 100 per cent shares of ABCL for little over Rs 4.5 billion.

Launched in 2003, TV 9 has been a ratings leader in Telugu language operations while the company is said to be in the profits. It runs 24/7 news channels in seven languages, including Kannada and Gujarati.