Spice Jet's Ajay Singh set to buy majority stake in NDTV
Source confirms that Singh is all set to take control of NDTV editorial rights
Bringing end to all speculations, exchange4media has learnt that NDTV is all set to change hands from founders Prannoy Roy, Radhika Roy and promoter firm RRPR Holding Pvt Ltd to Ajay Singh of Spice Jet.
According to the source, Ajay Singh, chairman and managing director for SpiceJet, will have controlling stake in NDTV of around 40 per cent and the promoters Prannoy Roy and Radhika Roy will hold around 20 per cent in the company.
Singh will also pick up NDTV’s debt of over Rs 400 crore and the total deal is valued at around Rs 600 crore. A part of the cash (up to Rs 100 crore) will also go to the Roys.
"The deal is still in the initial stages. But we are hopeful that all the formalities will be done by Diwali," said a source close to Singh. However when contacted for comments, Spicejet spokesperson deined any knowledge of it and called it false and baseless.
Singh acquired SpiceJet in January 2015 and turned it around. He also coined BJP’s 2014 campaign slogan, “Abki baar Modi Sarkar.”
An alumnus of Delhi’s St. Columba’s school, Singh is a graduate of IIT Delhi, an MBA from Cornell University and a Bachelor’s degree in Law (LLB) from Law Faculty, University of Delhi.
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