Billionaire Gautam Adani's takeover of news channel NDTV is complete, as per a statement by founders Radhika and Prannoy Roy on Friday, 23 December evening.
"The AMG Media Network, after the recent Open Offer, is now the single-largest shareholder in NDTV. Consequently, with mutual agreement we have decided to divest most of our shares in NDTV to the AMG Media network," the statement read.
"Since the Open Offer was launched, our discussions with Mr Gautam Adani have been constructive; all the suggestions we made were accepted by him positively and with openness," the founders said.
The statement comes weeks after the Roys resigned as directors of RRPR Holding Private Limited, NDTV's promoter company.
The changes are owing to AMG Media Networks Limited (AMNL), a wholly owned subsidiary of Adani Enterprises, acquiring a 29.18 percent stake in RRPR Holding Private Limited.
Radhika and Prannoy Roy will sell a 27.26 percent stake in NDTV to AMNL, giving it 64.71 percent of NDTV, regulatory filings by NDTV showed, Reuters reported.
‘Look Forward To Watching NDTV’: Roys
The Roys said in Friday's statement, "Mr Adani has invested in a brand that is synonymous with trust, credibility and independence, and we are hopeful that he will preserve these values and expand upon them with all the responsibility required of a leader of an organisation of this nature."
The statement added, "We started NDTV in 1988 in the belief that journalism in India was world-class but needed a strong and effective broadcast platform that would allow it to grow and shine."
"After 34 years, we believe that NDTV is an institution that has met so many of our hopes and ideals; we are so proud and grateful that across the globe, NDTV is recognised as 'India's and Asia's Most-Trusted News Broadcaster'," the statement read.
"We look forward to watching NDTV, and its entire extraordinary team, delivering the next phase of growth, one that India can be proud of," the founders said.
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