Network18 founder-promoter Raghav Bahl’s entrepreneurial innings has come to an end. He and his wife Ritu Kapur have left their shareholding even as Mukesh Ambani’s Reliance Industries Ltd (RIL) has taken control of Network18 and TV18.
In an emotional letter to the employees of Network18, Bahl wrote: “Yesterday, Ritu and I effectively ended our entrepreneurial leadership of N18 by agreeing to exit our shareholding.”
Bahl, however, will be around to ensure a smooth transition.
The letter, signed by both Ritu and Raghav, added: “We are delighted to welcome Mukesh Ambani and RIL as the potential owners of Network18. Believe us, the Group is in terrific hands. Ambani is a visionary and truly good human being. And we have no doubt that Network18 would soar into the “cloud” under this dispensation.
NW18 is the owner of a suite of premier digital internet properties, e-commerce businesses and differentiated broadcast content.
This suite includes In.com, IBNLive.com, Moneycontrol.com, Firstpost.com, Cricketnext.in, Homeshop18.com, Bookmyshow.com; the broadcast channels include Colors, CNN-IBN, CNBC TV18, IBN7, CNBC Awaaz.
The announcement was preceded by resignations of top officials of Network18 group, including CEO B Sai Kumar and CFO RDS Bawa.