- Oct 04, 2016
- 12:35 PM
After MukeshAmbani-controlled TV18 Broadcast launched news channels in several regional-language markets to expand its footprint, it is the turn of Subhash Chandra-promoted Zee Media Corporation Ltd (ZMCL) to exploit growth opportunities. Hyderabad-based media firm Associated Broadcasting Company Private Limited (ABCL), which has been looking to sell stake for long, is reportedly in talks with ZMCL to offload majority stake. ABCL runs a clutch of regional news channels under the TV9 brand. As on 31 March 2015, iLabs Venture Capital Fund and Chintalapati Holdings Pvt Ltd (CHPL) hold 17.63% and 71.06%, respectively, in ABCPL. TV9 founder and CEO Ravi Prakash and his associates hold the remaining stake. Zee group is likely to pick up majority stake in ABCL, the Business Standard reported. The transaction is expected to close in a couple of months, according to the daily. ABCPL was promoted by Ravi Prakash with seed capital from SrinivasaRaju through his investment firm iLabs and CHPL in 2003. The Telugu news channel TV9 was launched in 2004. The company currently runs a slew of regional news channels, including TV9 Kannada, TV9 Marathi and TV9 Gujarati.