Media Shocker: Rajdeep, Sagarika likely to resign from CNN-IBN as Reliance takes over Network 18

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Rajdeep Sardesai, Sagarika Ghosh
New Delhi, May 30: It seems that equations in Indian media are likely to be changed in near future. Sources informed that two of the most prominent faces of Indian media -- Rajdeep Sardesai and his wife Sagarika Ghosh are likely to resign from CNN-IBN.

Reports claimed that Rajdeep and Sagarika's decision came just after the news that Mukesh Ambani-led Reliance Industries took over Network 18 which owns CNN-IBN, IBN7, Colors, CNBC TV18, CNBC Awaaz.

The two senior media personalities, according to reports, will go on leave from June 1, 2014 and will resign from the channel on June 30. Rajdeep and Sagarika received many offers from different media houses including Focus TV. Sources informed that while Sagarika may accept one of the offers, Rajdeep may take a break for one year for writing one book.

Sagarika Ghosh was told not to criticise Modi who was bidding for PM post

Network 18 Managing Director Raghav Bahl is likely to resign on Friday, May 30. The company's CEO B Sai Kumar and COO Ajay Chacko has already resigned on Thursday.

Earlier news website Scroll.in had reported that the management had asked Sagarika to not be critical of Narendra Modi, who, during election campaigns, was making an ambitious bid for the post of prime minister.

Reliance recently issued one press release saying, "they were putting in Rs. 4,000 crores (around $679 million) in Independent Media Trust for 'acquisition of control in Network 18 Media & Investments Ltd... including its subsidiary TV18 Broadcast Limited...'."

The release also added, "The acquisition will differentiate Reliance's 4G business by providing a unique amalgamation at the intersect of telecom, web and digital commerce via a suite of premier digital properties."

The Independent Media Trust will use these funds to buy 78% stake in Network18 and 9% stake in TV18 and to acquire shares tendered in the Open Offers, reported Scroll.in.

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