Mumbai, 30 May-2014, DC: The acquisition of Network 18 by Reliance Industries Limited, for a whopping $680 million, has seen a number of top executives exiting the group.
It all started with group CEO B Saikumar stepping down which was followed by group COO Ajay Chacko and CFO RDS Bawa.
Founder of Network 18, Raghav Bahl, quits
On Friday, May 30, Raghav Bahl, founder and promoter of Network 18, along with his wife Ritu Kapur, have finally sent out an email stating the exit of their shareholding in the group. However, according to media reports, Raghav Bahl has offered to stay back to ensure a smooth transition.
The email stated that his wife and he have effectively ended their entrepreneurial leadership of Network 18 and agreed to exit our shareholding.
With more exits of top executives from the media giant, the next eyes are on Rajdeep Sardesai, Editor-in-Chief of the IBN network.
Chairman, Managing Director and largest shareholder of Reliance Industries Limited, Mukesh Ambani, approved funding of up to Rs 4,000 crore to Independent Media Trust, of which RIL is the sole beneficiary, for acquisition of control in Network 18 Media & Investments Limited including its subsidiary TV18 Broadcast Limited and the Open Offers to be made consequent to the acquisition.