Active Stocks
Tue Mar 19 2024 15:58:41
  1. Tata Consultancy Services share price
  2. 3,977.55 -4.03%
  1. Tata Steel share price
  2. 148.65 -0.64%
  1. Bharti Airtel share price
  2. 1,227.85 0.23%
  1. Power Grid Corporation Of India share price
  2. 258.95 -2.28%
  1. ITC share price
  2. 409.50 -1.89%
Business News/ Companies / News/  Sun TV denies TV9 acquisition report
BackBack

Sun TV denies TV9 acquisition report

Sun TV denies a newspaper report that the company was close to buy TV9 news channels for `150 crore

Shares of Sun TV dropped 0.48% to Rs416.85 on BSE at 12 pm, while the exchange’s benchmark Sensex fell 1.25% to 19,784.05 points. (Shares of Sun TV dropped 0.48% to Rs416.85 on BSE at 12 pm, while the exchange’s benchmark Sensex fell 1.25% to 19,784.05 points.)Premium
Shares of Sun TV dropped 0.48% to Rs416.85 on BSE at 12 pm, while the exchange’s benchmark Sensex fell 1.25% to 19,784.05 points.
(Shares of Sun TV dropped 0.48% to Rs416.85 on BSE at 12 pm, while the exchange’s benchmark Sensex fell 1.25% to 19,784.05 points.)

Hyderabad: Sun TV Network Ltd and venture capitalist Srini Raju on Tuesday denied a report that Sun TV is acquiring Associated Broadcasting Co. Pvt. Ltd (ABCL), the holding company that manages a chain of regional news channels under the brand TV9.

Hyderabad-based Raju, through his venture capital firm Peepul Capital Llc and its associate Chintalapati Holdings Pvt. Ltd, owns a majority stake in ABCL that runs eight news channels—two in Telugu and one each in Kannada, Malayalam, Gujarati, Marathi, Bengali and English. Private equity firm Saif Partners Ltd holds a 20% stake in ABCL. TV9 is the market leader in the news genre in Andhra Pradesh and Karnataka.

On Monday, The Hindu Business Line said, citing unidentified people, Sun TV was close to buying TV9 news channels for 150 crore.

“It is total rubbish," said S.L Narayanan, chief financial officer of Sun group, the Chennai-based media conglomerate.

Raju, too, denied the report of any such offer from Sun TV. “It’s completely false," he said. “Sun TV group never approached me with any such offer and there is not an iota of truth in it."

Shares of Sun TV dropped 0.48% to 416.85 on BSE at 12pm, while the exchange’s benchmark Sensex fell 1.25% to 19,784.05 points.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 16 Jul 2013, 12:42 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie