NDTV and where it stands
The hostile takeover of NDTV by Adani sparked chatter throughout the country. An announcement was made on 23rd August that 29.18% stakes of NDTV are now acquired by the Adani group and an open offer was launched to buy an additional 26% stake in the company.
Media and governance tend to go hand in hand with our government – and hence the closeness of Modi and Adani (the media buyer) comes as no shock. In 2018, our government allowed the privatization of six airports. Coincidently, Gautam Adani – the billionaire industrialist with no history of running airports – emerged as a clear winner for all six. This brought the link between the Indian PM and the world’s second-richest man into the limelight.
But why are we reacting to this news in the context of NDTV’s liberties - it’s a tale as old as time. Journalism in the world is hardly free – with Bezos owning The Washington Post, Musk owning Twitter, and Ambani owning 72 television channels. Media is either controlled by the state or by the wealthy. Freedom of the press is nothing but a dream or a historical tale.
The reason this purchase should get our minds ticking is how the channel’s journalists and managers were blind-sided by this transaction.
Vishvapradhan Commercial Pvt Limited (VCPL), recently procured by Adani, had funded RRPR (a privately owned company founded by Radhika Roy and Pranoy Roy) in 2009 and 2010. Although this loan of Rs 403 crore was borrowed interest-free, it entitled VCPL a warrant that would enable its acquisition of 99.9% stakes in RRPR. Interestingly, RRPR is a 29.18% stockholder in NDTV. Thus, due to the warrant, the Roys had to surrender almost all their stakes held in RRPR which indirectly led Adani to procure them.
Today, India’s press freedom ranks 150 among 180 nations. The media is now just a medium to spread propaganda, praise, and PR. And now one of the last channels untainted by political bias is under the clutches of our PM’s buddy in the business sector.