Asia's Richest Man To Buy Majority Stake in News Organization in 'Hostile' Takeover

Adani Group said Tuesday it will buy a majority stake in NDTV, a high-profile Indian news house, in an apparent hostile takeover as the billionaire Gautam Adani expands his media ambitions. From a report: AMG Media Networks, Adani's unit, will indirectly purchase a 29.18% stake in New Delhi Television and launch an open offer to buy another 26% stake, the Indian conglomerate said. The open offer is expected to be worth $61.77 million, some 30% below the current market price. Founded three decades ago, NDTV is one of India's most popular news organizations and a rare property that has consistently taken a critical view of the ruling government's efforts. The New Delhi-headquartered business, which operates three TV news channels and maintains a large presence on the web, said Tuesday that neither the firm nor its founders held any conversation, gave consent or input for the majority stake acquisition.

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