My Home Promoter in Talks to Buy Associated Broadcasting
Hyderabad: Telangana’s leading industrialist Jupally Rameswar Rao is in talks to buy the venture capitalist Srini Raju-controlled Associated Broadcasting Company (ABCL) that runs news channels in Telugu, Kannada, Marathi and Gujarati under TV9 brand, said four persons in the know. Rao, founder of My Home group and known to be close to the Telangana chief minister K Chandrasekhar Rao’s family, is said to have developed interest in media business post Telangana formation and was looking at investing in regional language news channels.
The negotiations, if fructify, could further consolidate the holding of persons close to politicians over regional media, both print and electronic, in the two Telugu speaking states of Andhra Pradesh and Telangana.
Political analyst and editor of a media house, who did not want to be named for fear of being targeted, said, “The growing control over media by the politicians and persons close to them across the country could lead to a dangerous scenario of increasing efforts by politicians to manufacture consent in their favour and suppress the voice of opposition and civil society.”
Associated Broadcasting Company (ABCPL), the company that operates six news channels under TV9 brand, was promoted by Ravi Prakash and Srini Raju’s investment entities iLabs Venture Capital and Chintalapati Holdings. Ravi Prakash, who currently acts at chief executive officer, owns around 10% stake, and few of his colleagues together own another10%, while the balance close to 80% is held by Raju’s investment arms.
If the deal fructifies, it could further consolidate the holding of persons close to politicians over regional media