Arnab Gowami buys back “some” Asianet shares as Republic completes two years

07 May,2019

By A Correspondent

 

Republic Media Network and Editor-in-Chief Arnab Goswami has entered into an agreement to buy back shares from investors like the Rajeev Chandrashekhar-owned Asianet News Media. Notes a communique: “On the two-year anniversary, the company transforms into the Republic Media Network. This anniversary also marks a major milestone for the company as its valuation has closed in on Rs 1,200 crore in just two years.”

 

Commenting on the buyback, Chandrashekhar, who is now part of the Bharatiya Janata Party, said: “I am pleased with the growth and success of Republic and Arnab. I am happy to have supported the vision of building a strong media-tech platform. In pure financial terms too, this has been a successful investment. Post Arnab’s buying back of some shares, Asianet News Media will continue to support Republic, however as a minority portfolio investor.” The exact quantum of the Asianet and Chandrashekhar holding is not known, though in earlier discussions with the media, Goswami had indicated that he had a significant majority in the venture.

 

Added Goswami: “We have built a strong media brand in partnership with Asianet News Media – and are poised for growth. We have expanded rapidly in the last two years. Partnering with Asianet News Media has been terrific. Their strong track record and competence as savvy media tech investors has helped us tremendously in our exponential growth. Going forward as Republic Media Network, I look forward to diversifying and growing Republic across all platforms.”

 

From being #1 from Week 1 to being on top of the heap even after a hundred weeks is creditable no doubt. Republic TV had launched on May 6, 2017 with much fanfare and it went on to launch a Hindi sibling, Republic Bharat, in February 2019.

 

 

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