Popular media firm ‘Associated Broadcasting Company Limited (ABCL), which is based in Hyderabad and owns a bouquet of regional news channels with brand name TV9, is in talks with International Finance Corporation ( IFC) to ink a major deal very soon.
As per information from reliable sources, IFC, a part of the World Bank Group, is keen on buying 49 percent stake in ABCL and the investment is likely to happen through the global information and communication arm of the IFC. Though the transaction value is not divulged, it is learnt that three individuals will take part in the deal by investing 5-7 Percent each.
ABCL, which started its operations in 2003, is a joint venture of capitalist Chintalapati Srinivasa Raju, who owns 60 percent stake, US – based Saif Partners, holding 20 percent share, and the CEO Ravi Prakash with the remaining stake.
Speaking to Telugu360, TV9 CEO Ravi Prakash said they are very delighted with the latest developments. He said that TV9 has always been the cynosure of institutional investors as it is the leading news network in India. He scotched rumours that few industrialists from Telugu states are involved in this deal. He added that more details about this news will be out soon.