NDTV Ltd and NDTV Media Ltd, headed by Raj Nayak, are entering into a fresh arrangement that is beneficial to both organisations. Nayak and his team are setting up a separate new media company, called AIDEM Ventures Pvt Ltd, which aims to grow in the years to become a major media player in India and overseas.
Under the new arrangement, NDTV will save substantially on costs and, having renegotiated the terms of engagement, will have greater control of its sales operations and at the same time ensure continuity in its revenue stream while working very closely with Nayak’s new organisation.
In a prepared statement, NDTV Chairman Prannoy Roy said, “NDTV has had a wonderful experience working with Raj and his team over the last seven years, they are a highly talented and committed team, and we look forward to working together with their new company AIDEM Ventures Ltd under a new win-win relationship. We have full confidence in Raj Nayak’s new venture AIDEM becoming a major media player.”
Commenting on the new arrangement, Raj Nayak, CEO, NDTV Media, said, “In my 23 years of experience, I’ve had the opportunity of handling some of the biggest media brands in India like ESPN STAR Sports, STAR TV Network and many more, but launching NDTV channels in 2003 with Radhika and Prannoy Roy and the NDTV team was one of the most exciting and challenging assignments of my career.”
He further said, “The brand equity of NDTV is unparalled and sets an example on how to maintain a solid Chinese wall between commercial considerations and editorial independence. We’ve shared and continue to share a great professional relationship and personal friendship, and I am thankful to the NDTV management for continuing to place their faith in me and entrusting my new company with the responsibility of continuing with their business.”