Ravi Prakash’s team to be forced out of TV9 at any time soon?
The top Telugu news channel which claims to work for ‘Better Society’ is now under management crisis and the consequences may lead to departing of founder team of TV9 very soon from the firm. Associated Broadcasting Company Pvt. Ltd. has acquired 80 per cent of the stakes of TV9 which was founded in 2004 by Ravi Prakash who owns about 18 per cent stake. Megha Constructions Krishna Reddy and MyHome Group Rameswara Rao who are also among the financial investors have already replaced four of the board members recently.
Reportedly Jagapathi Rao Jupally, Sangu Samba Siva Rao, A. Srinivasa Rao, P. Kaushik Rao are the new directors. Ravi Prakash, Clifford Pereira and Murthy are the other three from the old team, still remaining in the board. ABCPL had given a mandate to its investment bankers to look for buyers at a valuation of Rs 500-600 crore about three years ago. If the words are to be believed nothing concrete has happened so far as their terms and demands were not accepted. While one condition is about the CEO having veto power on whom to sell, the other demand is valuing the company between Rs 800-1000 crore.
Ravi Prakash has now approached court claiming the changes in the board is illegal. As Ravi Prakash is a minority stakeholder, there is every possibility that he and his team might be forced out of TV9. Earlier reports emerged that Srini is in talks to sell his TV9 stake to Network 18 and Quintilian Media founder, Raghav Bahl, but the rumours were slated. Since Srini and Ravi have conflicting motives, they are unable to arrive at a consensus, consequently delaying the process. However, the discussions are aimlessly drifting, so there is some time for anything concrete to happen.