Adani media arm AMG Media Networks Ltd’s (AMNL) wholly-owned subsidiary VCPL, which holds warrants of NDTV’s promoter group company RRPR Holding Private Ltd (RRPR) entitling it to convert them into 99.99 per cent stake in RRPR, has exercised the option to acquire 99.5 per cent stake in RRPR and acquire control of it.
RRPR holds 29.18 per cent stake in NDTV. The news channel made its announcement to BSE about the acquisition. 26% shares of NDTV is being purchased at Rs. 294 per share amounting to 492.81 Crores.
NDTV is a leading media house that has pioneered the delivery of news for over three decades. The company operates three national news channels – NDTV 24×7, NDTV India, and NDTV Profit. It also has a strong online presence and remains one of the most followed news handles on social media with more than 35 million followers across various platforms.
NDTV recorded revenue of Rs 421 crore with an EBITDA of Rs 123 crore and net profit of Rs 85 crore in FY22 with negligible debt.
“This acquisition is a significant milestone in the journey of AMNL’s goal to pave the path of new age media across platforms,” its CEO Sanjay Pugalia said.
AMNL, a wholly-owned subsidiary of AEL, houses the media business of the Adani Group. The company was recently incorporated to set up a credible next-generation media platform with an emphasis on digital and broadcast segments, amongst others. VCPL, which was recently acquired by AMNL, is its wholly-owned subsidiary.