SpiceJet’s co-founder and owner Ajay Singh who played an instrumental role in BJP’s 2014 election campaign has reportedly bought a majority stake in NDTV. Singh will have 40 percent stake in NDTV while 20 percent will be with the promoters Prannoy Roy and his wife Radhika Roy, claims a report by Indian Express.
According to the report, the Rs 600 crore deal has been finalised and Singh will also take up the editorial rights. As per BSE data on June 2017, public shareholding in the company stands at 38.55 per cent. The report also states that Singh will pick up NDTV’s debt of over Rs 400 crore.
However, NDTV denied reports of SpiceJet’s Ajay Singh taking over majority holding in the news channel. “Not even a single sentence of these reports is true,” an unnamed official told The Hindu.
A formal statement on the issue is expected by Friday evening, says the Hindu report.
The move comes in the backdrop of the CBI raids on the residence of Prannoy Roy in Delhi on June 5 over allegations of bank fraud. NDTV had then termed the move as a ‘witch-hunt” to muzzle free speech’.
While the details about the new takeover still remain unclear, the news has nevertheless created a buzz on Twitter. Here are some interesting reactions:
*Big Billion Day Sale*Amit Shah added #NDTV to his cart.— Cryptic Mind (@Vishj05) September 22, 2017