Indian Billionaire Gautam Adani Makes Hostile Takeover Bid for NDTV

On Tuesday, Adani’s AMG Media Networks Limited acquired some 29% of NDTV indirectly, by buying out loans to the company. The value of the transaction was not disclosed. AMNL also made an open offer to acquire a further 26% of NDTV, but at INR294 per share, a discount of 20% on the company’s existing share value.

“NDTV has never compromised on the heart of its operations – its journalism. We continue to proudly stand by that journalism,” the statement added. Unlike the other major billionaire-led group in India, Mukesh Ambani’s Reliance Industries, which has significant media holdings, includingcricket tournament, Adani’s media holdings are modest. AMNL was set up in April this year to be in “the business of publishing, broadcasting, distributing and advertising,” per a filing to the Bombay Stock Exchange.

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