If the buzz in the market sources is to be believed, Popular Telugu Channel TV9 and its network of news channels of various languages is put to sale. Mumbai-based Edelweiss Capital is looking over the sale process. Currently iLabs, a private equity holds the majority stake in the channel network and private equity fund SAIF Partners has minority shares in the company.
It is learnt that popular businessman and film producer, Potluri Vara Prasad is interested in buying the stake. PVP is already a major stake holder of NewsX channel group. It is said that PVP had bid 400 Crores for the TV9 deal and is said to be the favourite. However both the parties remained tight-lipped over the deal. TV9 network broadcasts news in Telugu, Marathi, Kannada, Gujarati, Malayalam and English and is a successful network with an operating profit of Rs 75 crore.