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New Delhi Television Ltd (NDTV) is an Indian news media company focusing on broadcast and digital news publication. It was founded in 1984 by economist Prannoy Roy and journalist Radhika Roy.

Key Information

NDTV began as a production house for news segments, contracted by the public broadcaster Doordarshan and international satellite channels when television broadcasting was a state monopoly, and transitioned into India's first independent news network. The company launched the first 24x7 news channel in partnership with Star India in 1998. In 2003, it became an independent broadcasting network with the simultaneous launch of the Hindi and English language news channels NDTV India and NDTV 24x7.

In 2022, the Adani Group, noted for its close ties with the BJP, acquired a majority stake in the company. Adani's takeover led many prominent members of the channel to resign, including Ravish Kumar.[2]

History

[edit]

1984–1998: Doordarshan era

[edit]

In 1984, the journalist Radhika Roy and her husband, economist Prannoy Roy, founded New Delhi Television.[3] The company began as a production house of news segments for the public broadcaster Doordarshan and international satellite news channels.[4] It was converted into a commercial news network in 1988,[3] and became India's first independent television news network.[5] Doordarshan gave the network a weekly broadcast, The World This Week, an international news magazine programme commissioned by the director general of the public broadcaster, Bhaskar Ghose.[5] The weekly news bulletin was described as an instant hit among its Indian viewers.[6]

Doordarshan then contracted the network by to produce coverage of the Indian general elections and budget session specials, which also became widely popular.[3] The first election result telecast NDTV produced was that of the 1989 Indian general election, which was also the first televised live coverage of an election result in India.[5][6] It employed hotlines across the country and featured visual graphics, discussions and debates. The format NDTV developed contrasted with the simple official announcements Doordarshan publicised in previous elections and was adopted as a template by news broadcasters over the following decades.[3][5] The terms of agreement between Doordarshan and NDTV were modified in the same year and the company began paying a fee for its weekly slot instead of being a contractor under the public broadcaster.[5] During the initial years, there was a delay of 10 minutes between telecast and production of live news due to government regulations, which later shifted to five minutes.[7]

The World This Week aired till 1995[5] on Fridays at 10:00 pm,[8] and was described as "the only India-based programme which looked out at the rest of the world".[9] In 1993, CNN began collaborating with NDTV to produce select coverage for the weekly news bulletin.[10] The weekly was the first privately produced news bulletin in India,[6] and became one of Doordarshan's top-rated programmes.[10] Prannoy Roy said it was not difficult to appear good in comparison to Doordarshan, which he described as more radio than television, and said it helped that the time period was the "newsiest" in television history.[11] The news bulletin covered several major events, such as the 1989 Tiananmen Square protests and massacre, the fall of the Berlin Wall, the dissolution of the Soviet Union and breakup of Yugoslavia,[8][12] some of which NDTV covered live from their respective countries.[8]

In 1995, NDTV presented a proposal to Doordarshan to move its production to a daily half-hour news bulletin on the second Doordarshan channel, DD Metro.[7] The proposal was accepted and the bulletin, News Tonight, launched.[5][7] The Roys approached five major Indian business houses for investments and secured agreements with all five,[7] including the Tata Group.[12] The bulletin was India's first daily domestic news broadcast[13] The company also began producing shows such as The News Hour and Good Morning India for Doordarshan.[14] Prannoy Roy anchored the NDTV news bulletins,[15] in the process acquiring a reputation for reliable, authentic and sophisticated news reporting. The news bulletins gained credibility and were competing with entertainment channels for viewers, which made the network sought after for partnerships by international news networks such as BBC and Rupert Murdoch's Star Network at a time when restrictions on private participation in television broadcasting were being lifted and Doordarshan's monopoly broken by satellite television.[6]

In 1997, Doordarshan director general Rathikant Basu left the public broadcaster and joined its multinational rival, the Star Network. His resignation led to a call to scrutinise his activities during his tenure as director general.[6] A parliamentary committee was assigned to examine Doordarshan's finances. It alleged "irregularities" in its dealings with NDTV.[5] On 20 January 1998, the Central Bureau of Investigation (CBI) filed several cases against Basu, five other officials of the public broadcaster, and Prannoy Roy.[16] The cases went on for several years in the form of a protracted dispute,[6] until CBI filed a closure report in 2013 and the Delhi High Court quashed the charges,[5] ruling that there was no evidence of wrongdoing.[6]

1998–2003: Rupert Murdoch and Star News

[edit]

In 1998, NDTV entered into five-year contract with Rupert Murdoch's Star Network. Under the terms of the agreement, NDTV would produce all news content for the network,[6] while News Television India (subsidiary of Murdoch's News Corporation) would finance the endeavor.[17] The CEO of Star India had stated that NDTV was an obvious choice for a partnership due its recognition and infrastructure.[12] Star News was launched in February 1998 and was the first independent 24x7 news channel in India.[17] It was a bilingual channel and aired both Hindi and English language programs.[18] NDTV productions were also slotted on two 9:00 pm news bulletins in the channels of Star Plus and Star World.[19] In 1999, NDTV launched its own news website called ndtv.com which streamed live webcasts of its productions and generated 55,000 daily views within a month of its launch. Over the following years, it also made its first foray into regional markets and began a Tamil language news bulletin on Vijay TV, a channel owned by the Star Network.[4]

Star News was an immediate success, its revenue made the channel break-even at the onset.[20] Star India was also able to capitalise on the experience gained in NDTV's earlier collaboration with CNN,[10] one of its multinational competitors.[21] The financial support provided by the multinational gave the channel an advantage over its emerging competitors such as Aaj Tak, the Hindi language channel founded by Living Media.[5] Prannoy Roy remained as the face of the network while Radhika Roy,[6] who was known for being low profile,[22] operated the editorial process and reportedly demanded high standards for credibility, impartiality and independence.[6] The channel developed sophisticated production values and a reputation for journalistic integrity.[23] In a study conducted with Indian journalists, Star News was found to be perceived as the most professionally produced among Indian networks and was regularly viewed by a majority of journalists alongside Doordarshan and BBC World.[21]

In the partnership, NDTV was given editorial independence,[23] and produced the entire editorial content including in its packaging and presentation.[24] It was noted that the channel occasionally used its own branded equipment such as microphones with NDTV imprints, without any dispute. Under the agreement, the profits belonged to Star News and NDTV was paid a fee which began with US$10 million under an escalation clause and reserved intellectual property rights over its productions. This arrangement reportedly became an issue of contention between the sales team of Star India which were under pressure to generate revenues and NDTV which intended to maintain in its editorial independence.[20] In 2000, the NDTV news bulletin on Star Plus was removed, which was speculated to have been a signifier of the closeted conflict.[19]

In an anecdotal testimony, Peter Mukerjea who was CEO of Star India between 1999 and 2007, states that an advertiser with the network who was the chairman of a major textile company had complained to him about a news report about environmental issues in a town which operated one of their plants and held Star India responsible for the reporters not taking into account the views of the company.[20] Star News covered the 2002 Gujarat riots with investigative reports, in-depth analyses and live reporting of events.[7] The channel's coverage resulted in it being blacked out for a day by the Gujarat Government under Narendra Modi. The censorship came a day after the Minister of Law, Arun Jaitley had accused "some networks" of conspiracy against the government on a live telecast of Zee News,[7] a network that had assured him that they were not such networks on the same telecast.[25]

In 2002, Star was willing to continue the contract but without complete editorial control being granted to NDTV which was unacceptable to the Roys.[12] In the end, the negotiations between NDTV and Star India fell apart and the contract was not renewed. NDTV kept producing news segments for Star News till 31 March 2003.[23] The company's unwillingness to succumb to government pressure or pro right wing editorial intervention from Rupert Murdoch, cemented his decision to exit the partnership as well.[26] Murdoch went on secure a partnership with the Anandabazar Patrika Group for Star News, which was converted into a Hindi language news channel,[23][27] and was noted to have become far less critical in its news coverage following the transition.[26]

2003–2007: Independent broadcasting network

[edit]

Following the end of the partnership with Star India, NDTV began its venture as an independent broadcaster. The company had acquired equity capital from investment banks including Morgan Stanley and Goldman Sachs.[6] Standard Chartered invested US$12 million and acquired a share of 12% in the company. Media commentators at the time had speculated that Star News would remain the market leader and decimate NDTV.[28] Before the launch of the network's independent channels under its own brand, it had invested US$25 million into advertising.[23] For distribution, it entered into a tie up with the network of One Alliance, a joint venture between Sony and Discovery, Inc.[4][29]

NDTV launched two channels NDTV India and NDTV 24x7 in 2003. NDTV India was a Hindi language news channel and NDTV 24x7 was an English language news channel.[27] Soon after its launch NDTV 24x7 became the frontrunner in the English news segment,[6] while NDTV India had the second-highest viewership following Aaj Tak in the Hindi language segment, which pushed Star News to the place of fourth highest viewership in the process.[28] The channels introduced the concept of "break away" broadcasting in India with integrated receiver decoder (IRD) which could provide segmented region or city-specific news and with optional local language dubbings to viewers of the same channel.[4] In 2004, NDTV became a publicly traded company and the board members reportedly included N. R. Narayana Murthy, the founder of Infosys and Tarun Das, the chief mentor of the Confederation of Indian Industry as independent directors.[6] In December 2004, it stood as the media company with the highest market capitalisation, at a valuation of ₹1,433 crore (equivalent to ₹51 billion or US$600 million in 2023).[30]

The network was successful in pursuing a strategy of promoting anchors as TV stars in an attempt to both consolidate its brand name and as an incentive for drawing and retaining a talent pool of journalists. Some of their journalists eventually started branching out to begin their own ventures,[6] and a number of top executive employees left the network, including both the managing editor Rajdeep Sardesai and the chief financial officer Sameer Manchanda who left the network to join hands with the entrepreneur Raghav Bahl, who went on to launch CNN IBN. The resignations reportedly caused a number of problems for the network, the morale in the newsroom dipped and the network began finding it difficult to remain on top with an emergence of a crowded market with high competition as newer channels had more room for experimentation. Manchanda's resignation made the company's advertisers, the primary source of revenue to become vulnerable as the network which was solely in news broadcasting did not have extensive connections unlike others in the industry.[5]

NDTV Profit's screen at Bombay Stock Exchange

Due to the founder of CNN IBN being from NDTV, among other examples,[6][5] the network is widely credited for having created a category of media professionals with high credibility in the Indian broadcasting industry.[6] In an effort to check further loss of employees, the company began offering extensive salary raises and stock options to its employees after the departure of Sardesai.[5] It was noted in 2012 that the company had a high distribution of its wealth, with stock options worth ₹10 million (equivalent to ₹19 million or US$220,000 in 2023) being available to over 200 employees (15% of the workforce).[6] In 2005, the network had also launched a business news channel called NDTV Profit.[31] The channel would become a competitor of the leading business news channel CNBC TV18 over the next 5 years.[12]

Despite the increase in competition NDTV had continued to grow and by the end of the 2005, the network had 19 offices and studios across the country.[4] In 2006, the company founded 'NDTV Convergence', the subsidiary overlooking its digital media operations.[32] In June, NDTV partnered with the Southeast Asian media company Astro to launch a Bahasa Melayu infotainment channel Astro Awani while taking a stake of 20% in the joint venture.[12] Under the terms of agreement, NDTV instituted the infrastructure for the channel and Astro undertook the production. The channel was the first one to be launched by Astro and the first one to be launched by NDTV outside India.[33] It had also made a number of agreements for overseas distribution of its Indian channels and had a growing audience among the Indian diaspora in the United States, United Kingdom, Canada, South Africa and the Middle East.[12]

2007–2015: Expansion attempts, financial crisis and digital growth

[edit]

In 2007, NDTV began diversifying into the general entertainment and lifestyle broadcasting industry.[31][34] The company founded the subsidiary of NDTV Lifestyle and launched the first lifestyle channel in India called NDTV Good Times on 7 September 2007.[35][36] Following the launch, Smeeta Chakraborty, who was appointed as the CEO of NDTV Lifestyle announced that the company would be looking into expanding in other language markets and intended to launch three to five new channels within the next 2 years.[37][38] NDTV Lifestyle also entered into an agreement with the United Breweries Group for a branding tie-up between the Kingfisher lager and NDTV Good Times.[39]

In January 2008, NDTV entered into a strategic partnership with the American mass media conglomerate NBCUniversal,[40][41] in an attempt to expand into the general entertainment industry in India.[42] NBCUniversal bought 26% of the stake with a net valuation of US$600 million for the company and NDTV was expected to receive television formats used by the NBC in the United States.[6] In an attempt to replicating the model of networks using general entertainment channels to subsidise newsgathering expenses,[5] the network launched its first general entertainment channel NDTV Imagine on 21 January 2008.[43] The channel's launch was also aided by Sameer Nair, the CEO of Applause Entertainment, who was in a partnership with NDTV.[44] The operating company NDTV Imagine Ltd held a production studio NDTV Imagine Picture and entered into two partnerships to launch the music and entertainment channel NDTV Imagine Showbiz and the multilingual world movies channel NDTV Lumiere.[45]

The company conceptualised a genre of channels which would focus on localised news and founded NDTV MetroNation, which was projected to launch a series of channels catering to metropolitan cities such as Delhi, Kolkata and Mumbai.[5] The first and only channel to be launched under this branding was NDTV MetroNation Delhi.[39] NDTV entered into a partnership with the national daily newspaper The Hindu,[46] under the joint venture MetroNation Chennai to launch the Chennai-centric English language news channel which was named NDTV Hindu.[47][48] Later in 2010, the company also entered in a partnership with the Dhaka based conglomerate BEXIMCO to launch the Independent Television, a 24x7 news channel in Bangladesh.[49][50]

The expansion attempts coincided with the Great Recession and the funds raised for the expansion, through partnerships and bonds were exhausted within a short period of time. NDTV had an ongoing open offer for buyback of shares and the stock prices at the Bombay Stock Exchange (BSE) nosedived from around ₹400 to ₹100 which added a large shortfall. This caused the promoters of the company to go through a chain of borrowings from various multinationals.[5] NDTV also made a series of divestments of its assets through a number of sales in the following period.[47] In August 2009, the chain borrowings had eventually led the promoters debt being transferred to a shell company which was owned by a subsidiary of Reliance Industries,[5] and in October 2009, NBCUniversal decided to pull out of the partnership and sold off its share back to NDTV.[44] Following which, Time Warner bought out a 92% majority stake of the general entertainment subsidiary NDTV Imagine Ltd for US$124.5 million in December.[45][47] The company had also launched a Dubai based English and Hindi language news channel called NDTV Arabia, targeting Indian expatriates in 2007,[51] which was closed down in 2009.[52][53]

The editorial credibility of the network suffered damage as well when recordings made by the Income Tax Department of communication by the Reliance Industries lobbyist Niira Radia were leaked and a series of transcripts called the Radia tapes published by the Open and Outlook magazines. The tapes prominently featured journalist Barkha Dutt who appeared to be violating norms of journalistic integrity.[5] NDTV was one of the few news broadcasting companies which had a codified code of conduct for its journalistic output.[6] The tapes came under the backdrop of the loan granted to NDTV by Reliance and included suggestions from Radia to the journalist MK Venu on how Roy needs to be supported. The Sunday Guardian, a newspaper owned by politicians M. J. Akbar and Ram Jethmalani also published a 2010 article which alleged that NDTV had colluded with ICICI Bank and indulged in financial misdemeanours. NDTV sued for ₹25 crore (US$3.0 million) and in February 2011, the Delhi High Court restrained any further circulation of the article.[5]

The company's finances had taken a downturn since the Great Recession and its expansion ventures had failed,[5] it also marked the beginning of a consistent streak of net annual losses.[5][54] In March 2011, NDTV Lifestyle (subsidiary operating NDTV Good Times) was converted into a joint venture with the sale of 49% of the company's stake to Astro.[55] The stake sale of NDTV Lifestyle resulted in the net valuation of the subsidiary to be US$80 million.[47] And in October, the joint venture MetroNation Chennai which operated the channel NDTV Hindu was bought out by the Tamil-language daily newspaper, Dina Thanthi for a sum of ₹15 crore (equivalent to ₹31 crore or US$3.7 million in 2023).[47][48] The joint venture had incurred a net loss of ₹20 crore (equivalent to ₹41 crore or US$4.9 million in 2023) in two years of its operation.[48] In 2015, the business news channel NDTV Profit became a hybrid channel featuring both business news programs during day and entertainment programs under the name NDTV Prime on weekends and after 6pm.[56]

NDTV team conducting an interview in Bangalore in 2011

In contrast, the digital media arm of the company, NDTV Convergence had entered a phase of exponential growth. Between March 2011 and March 2015, it grew four-folds in terms of revenue and ten-folds in terms of profits and as a result increased its share of the total consolidated income from 4.6% to 18%.[54] NDTV Convergence had synchronised the network's newsgathering with its internet and mobile presence.[31] The digital media arm was credited for reducing the losses of the company by 50% between the financial years 2013–14 and 2014–15.[54]

In addition, the subsidiary launched a number of online verticals namely the automobile portal CarAndBike.com, the electronics portal Gadgets360, the food and drinks portal SmartCooky and the wedding preparation website BandBaajaa.com which catered to consumer interest specific news.[32][57] NDTV also launched the e-commerce venture Indianroots through its subsidiary NDTV Ethnic Retail in 2013. The venture was a fashion store selling Indian ethnic clothes and jewelries,[58][59] which expanded its consumer base across India and the United States, recording a twelve-fold jump of its gross merchandise value in 2014–15, and featured over 700 brands and 100 designers with a valuation of US$85 million in May 2015.[58] Gadgets360 also entered the e-commerce industry and began selling electronic devices from 2015 onwards.[57] CarAndBike.com and BandBaajaa.com entered the industry as well and began selling products.[60][61]

On 25 July 2012, NDTV moved a lawsuit for over US$1,000 million against the TAM Media Research for manipulation of data at the New York Supreme Court.[62] TAM had instituted a television rating system called TRP,[63] used to determine viewership of channel and fix advertising rates between broadcasters and advertisers.[64] While the TAM data had been previously alleged by broadcasters to have been manipulated, NDTV's lawsuit was considered a landmark event which implicated over 30 companies and individuals of deliberately manipulating data and which eventually led to a number of broadcasters raising similar complaints.[62][63] According to NDTV, the manipulated data had caused damages of at least US$810 million due to fraud and damages worth at least US$580 million for the network over a period of eight years.[62][65] The lawsuit itself was dismissed while the ruling stated that even though TAM was registered in the United States, the damages were outside its jurisdiction,[66] and in 2015, Broadcast Audience Research Council (BARC) launched its own rating system. In the following year, TAM was merged into BARC, although it was noted that the shareholders of the new entity had remained the same and the rating system continued to be vulnerable to manipulation.[67]

2015–2022: Government pressure and litigations

[edit]

With the ascendancy of Narendra Modi to the premiership of India, advertisers with NDTV began to be pressurised to disassociate with the company and an array of litigations were initiated against the company.[68] The government pressure against the news broadcaster was seen as part of a wider pattern of attacks on media freedom in the country.[68][69][70]

In 2015, the Enforcement Directorate (ED) served a notice on alleged violation of the Foreign Exchange Management Act.[71] In 2016, the Hindi language news channel NDTV India was banned by the government on allegations that the channel had threatened national security. The company subsequently appealed against the ban at the Supreme Court of India. The ban was withdrawn the following day, after popular outcry, protests from journalists and widespread criticism including from the Editor's Guild of India.[70][72] In the same year, the Income Tax Department (ITD) served a tax reassessment notice which alleged that the company had committed tax evasion in the financial year 2009–10.[73] The Delhi bench of the Income Tax Appellate Tribunal which functioned under the Ministry of Law upheld the findings of the department held the company liable for reassessment of taxation with penalty.[74] According to the findings, the company had allegedly colluded with NBCUniversal, a subsidiary of General Electric in a complex money laundering scheme for evading taxation of what was noted to be relatively small amount of funds relative to the size of the companies.[75][76]

In 2017, NDTV instituted a turnaround plan and announced that the company would undergo a restructuring process, intending to concentrate on core assets of news broadcasting and its digital teams operating its apps and websites, while cutting down on ancillary assets including its e-commerce business.[77] The restructuring also involved layoffs of a number of staff and a shift towards mobile and digital oriented journalism. It was noted that while the debt had decreased considerable between 2012 and 2016, the valuation of the company had deteriorated.[78]

The company sold NDTV Ethnic Retail which operated Indianroots and divested 2% of the stake in NDTV Lifestyle in favor of the luxury company Nameh Hotels & Resorts.[59] Fifth Gear Ventures operated the automobile portal CarAndBike.com and was held by NDTV Convergence, which diluted its stake from 79% to 43%, granting a controlling stake to the company Autobyte Private.[60] NDTV Profit was pulled off air on 5 June 2017, and converted into an infotainment channel solely under the designation of NDTV Prime.[56][79] The business news segment of NDTV Profit was moved to the English language news channel NDTV 24x7.[79] In 2018, NDTV Convergence also completed a sale with Wedding Junction Private Ltd and sold off Special Occasion Ltd,[80] which operated the wedding arrangements portal BandBaajaa.com.[81] In January 2020, Fifth Gear Ventures was acquired by a subsidiary of Mahindra & Mahindra.[82]

In the meantime in 2017, the Central Bureau of Investigation (CBI) lodged a case against the company on allegations that it had defrauded ICICI Bank,[73] and the offices of the company and residence of the founders, the Roys were raided by the bureau.[83] The raid had come a day after an NDTV presenter had engaged in an argument with a spokesperson of the ruling party.[84] The case was lodged on the basis of a complaint by a stockbroker Sanjay Dutt supported by the retracted Sunday Guardian article. It was noted that ICICI Bank itself considered the company to have returned the loan within a year and had not received any details of the case.[85] The raids received condemnation and the CBI was accused of being under pressure from the government to act against the news broadcaster.[70][86][87] In 2024, after the Adani Group takeover, the CBI investigation found that there was no wrongdoing in the ICICI bank sanctioning a loan of Rs 375 crores and closed its corruption and fraud case against NDTV founders Prannoy and Radhika Roy.[88][89][90]

In 2019, the CBI lodged a new case against NDTV on allegations that it had laundered money and violated FDI norms. According to NDTV, government agencies were lodging different cases and then deliberately stalling investigations as no evidence were found.[91] In same year, the Securities and Exchange Board of India (SEBI) barred the Roys from accessing the securities market and from holding any managerial or board positions in the company for two years on allegations that the promoters had failed to disclose agreements to minority stakeholders of the company.[92] In 2020, the Supreme Court of India quashed the ITD notice against the company on the grounds that its allegation contradicted the statements presented by the Revenue Department.[93]

In 2020, an independent technology startup Prashnam conducted a survey which calculated that NDTV India was the news channel with the highest viewership in the Hindi speaking states of Bihar, Jharkhand and Rajasthan, and the second highest viewership in the state of Madhya Pradesh, ranging around 23–24% of the population in the respective states.[94] In 2022, NDTV pulled out of the ratings agency BARC as it was not satisfied with the changes introduced in the calculation of TV rating after the TRP scam expose.[95]

2022 onwards: Acquisition by Adani Group

[edit]

In August 2022, Adani Group, a multinational conglomerate, acquired a 100 per cent stake in Vishvapradhan Commercial Private Limited (VCPL), who owned convertible debentures (in the form of warrants) in Radhika Roy Prannoy Roy (RRPR) Holding Pvt Ltd, which in turn owned 29.18 per cent stake in NDTV. With the VCPL purchase, the Adani Group indirectly acquired these warrants which would give it a 29.18 per cent stake in NDTV on conversion. VCPL notified RRPR Holding of its intention to convert these warrants (issued in 2009) into equity shares, giving the firm 99.5 per cent control. With these shares of RRPL Holding, VCPL was entitled to 29.18 per cent stake in NDTV.[96]

In November 2022, the Adani Group launched an open offer to acquire an additional stake in NDTV, resulting in acquisition of 8% additional stake, increasing its total shareholding to above 37% in the media company.[97]

In December 2022, Radhika and Prannoy Roy sold 27.26 per cent out of their 32.26 per cent shareholding in the news network to Adani Group, making the conglomerate, the single largest shareholder with over 64.71 per cent stake.[98]

Acquisition of NDTV by the Adani group led by billionaire Gautam Adani, who allegedly has close ties to the Prime Minister Narendra Modi, raised widespread negative reactions and criticism from prominent Western media outlets like The Guardian, The Washington Post and Bloomberg, among others.[99][100][101][102] The Economist stated that before the acquisition by the Adani group, the news channel was "critical of the government but is now supine."[2] The hostile takeover of NDTV by the Adani Group has raised concerns about the future of independent journalism in India. The Adani Group has a close relationship with the Indian government, and there are fears that it may use NDTV to promote its own interests.[103][104][105][106] The takeover attempt was also described to resemble the takeover of the largest news broadcaster Network18, that had occurred earlier under Mukesh Ambani, another billionaire with close ties to Narendra Modi.[107][108] The Delhi Union of Journalists released a statement raising concerns that two "oligarchs" were taking over independent news broadcasters and stifling critical journalism at the behest of the ruling establishment.[109] Presenter Ravish Kumar resigned from the channel in protest over what he called the new owner's lack of independence from the government.[110]

The takeover by Adani led to resignations by many prominent members of the channel. The list included journalists Ravish Kumar, Sreenivasan Jain, Nidhi Razdan and Sarah Jacob, channel's group president Suparna Singh, Chief Strategy Officer Arijit Chatterjee, Chief Technology and Product Officer Kawaljit Singh Bedi.[111][112][113]

Subsidiaries

[edit]

NDTV operates three broadcast channels which includes two news channels and one infotainment channel.[56] The company has a stake three more channels which are managed through joint ventures.[55][114]

In addition, it has auxiliary services subsidiaries such as NDTV Labs, a research and development company set up exclusively to augment production process within the group,[115] and NDTV Emerging Markets, a consultancy firm set up to assist in the launch of NDTV news channels outside India.[41]

Broadcast

[edit]

The English language news channel NDTV 24x7 is considered to be the first 24x7 news channel in India,[116] being a successor to Star News which was founded by NDTV and Star India.[26] It is available internationally,[117] through various distribution partnerships including one with Time Warner Cable and DirecTV in the United States.[118] The channel operates under the designation of ATN NDTV 24x7 in Canada as it broadcasts its programming through the Asian Television Network.[118]

The Hindi language news channel NDTV India is a national news channel and has widespread viewership in India.[117][119]

The infotainment channel NDTV Prime was known as an innovation for being part of a two in one hybrid channel with NDTV Profit,[118] with the same channel providing business news in daytime during weekdays under the designation of Profit and information and entertainment at other times under the designation of Prime. The channel was later converted into a full time infotainment channel and the business news programs shifted to NDTV 24x7.[56]

The subsidiary NDTV Lifestyle which launched the first lifestyle channel in India called NDTV Good Times,[36] continues to operate the channel in a joint venture with the Southeast Asian media company Astro.[55][56] NDTV also has two joint ventures where it manages the broadcast infrastructure of the infotainment channel Astro Awani in Southeast Asia and manages the news channel Independent Television with BEXIMCO in Bangladesh.[114]

Digital

[edit]

The subsidiary NDTV Convergence was set up as the digital branch of the company, and manages all its digital properties including its websites, apps and social media assets.[32] The company has an exclusive partnership for advertisements on and content recommendations for NDTV's digital assets with the Israeli advertising company Taboola.[120][121]

NDTV Convergence is considered as an international news channel of the company with its output available to audiences outside India.[118] The flagship website of the company ndtv.com, is among the most widely used news sites and has widespread audience reach in India.[122][123] The company operates a number of separate web portals including one that is managed through a subsidiary called SmartyCooky,[32] which operates the food portal under the designation of NDTV Food.[124] The site also features podcasts of which competes with international brands such as TED and Oprah among the Indian audience.[122] The .in domain for ndtv was noted to have been heavily contested and was acquired at extreme value by the company.[125]

In addition, NDTV provides news services through the NDTV mobile app which has subscription offers of ₹550 (equivalent to ₹680 or US$8.10 in 2023) per annum for an advertisement-free experience.[122] The app is one of the most used news apps in India competing with the mobile app of the national newspaper The Hindu, apps of Bennett, Coleman & Co publications and the apps of news aggregators such as Google News and Flipboard.[42]

It has a centralised social media control with assigned teams, the social media editors are composed of staff who have volunteered for handling digital media operations and work in collaboration with their website and television channels for their news output and are noted for prioritising monitoring of news agencies, international bodies and persons of interest on social media as part of their newsgathering operations.[126] In a social network analysis of news outlets on Twitter, it was found that NDTV was one of the most prominent nodes alongside The Indian Express and The Times of India.[123]

Channels

[edit]

Current channels

[edit]
Name Category Language SD/HD Availability Launching Date Notes
NDTV 24x7 News English SD 2003
NDTV India Hindi
NDTV Profit Business News English 2005
NDTV World International News 2024
Good Times Lifestyle English,

Hindi, Tamil

2007 Formerly NDTV GoodTimes
NDTV Madhya Pradesh/Chhattisgarh News Hindi 2023
NDTV Rajasthan
NDTV Marathi Marathi 2024

Upcoming channels

[edit]
Name Language SD/HD Availability Launching Date Notes
NDTV India HD Hindi HD No official announcement yet
NDTV 24×7 HD English
NDTV Profit HD
NDTV Gujarati Gujarati SD
NDTV Bangla Bengali
NDTV Malayalam Malayalam
NDTV Kannada Kannada
NDTV Telugu Telugu
NDTV Tamil Tamil

Former channels

[edit]
Name Category Language SD/HD Availability Launching Date Dissolving Date Notes
NDTV Imagine General entertainment Hindi SD 2008 2012
NDTV Imagine Showbiz Bollywood News 2008 2011 Replaced by Big Magic
NDTV Lumière Movies English 2009 2012
NDTV Hindu News 2009 2012 Rebranded as Thanthi TV
NDTV Prime Infotainment 2017 2020 Rebranded as NDTV Profit
NDTV Arabia News 2004 2009

Corporate affairs

[edit]

Ownership

[edit]

Till August 2022, the co-founders, journalist Radhika Roy and economist Prannoy Roy, the promoters of the company and had a controlling stake of 61.45%;[127] individually holding 16.32% and 15.95% of the shares respectively, and jointly holding an additional 29.18% through a holding company called RRPR.[128]

Among other shareholders are the Mauritius based LTS Investment Fund and Vikasa India EIF I Fund which hold 9.75% and 4.42% respectively.[129] Both the companies have links to the Adani Group,[130] LTS Investment Fund in particular has investments worth ₹19,328 crore (US$2.3 billion) in 13 Indian companies of which 4 belong to the Adani Group and the investments in these 4 constitute around 98% of their total investments, worth ₹18,916.7 crore (US$2.2 billion).[130][129]

NDTV is noted for its stock options available to its employees and a consequent high distribution of wealth among its employees,[6] with around 24.4% of the shares are owned through individual shareholdings of 1% or less in 2019.[131] In 2022, the small shareholding comprised 23.85% were divided among 29,691 individuals and 947 entities.[129] Four of these entities were Drolia Agencies, GRD Securities, Adesh Broking and Confirm Rebuild, which had interlinked directors and collectively held 7.11%.[130]

In December 2022, Prannoy and Radhika Roy sold 27.26 per cent out of their 32.26 per cent shareholding in the news network to the Adani Group, which till then had over a 37% stake in the media company, making the conglomerate, the single largest shareholder with over 64.71 per cent stake.[98]

Corporate governance and culture

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The two founders are designated as the executive co-chairpersons of the company,[132] and a number of vice co-chairpersons have been appointed as the chief executive officer (CEO) from time to time. K. V. L. Narayan Rao was the CEO of the company between 2007 and 2013, followed by Vikram Chandra whose tenure ended in 2016 and Rao was re-appointed until his death in 2017.[133][134] Suparna Singh was appointed as an interim CEO and resigned in 2019.[135] On 27 March 2023, Adani appointed former SEBI chairman U. K. Sinha and Welspun India CEO Dipali Goenka as independent directors for a two year term. Sinha was also designated as Non-Executive Chairman of the Board.[136]

NDTV was one of the first companies in India to make an independent foray in the media industry.[137] The company was founded at a time when a few private operators were permitted on the official broadcast channels,[138] and initially recruited journalists with bureaucratic connections.[131] It eventually developed collegial newsrooms,[12] and began offering greater benefits in an attempt to recruit and retain a pool of talented journalists.[5][6] For a period, the newsrooms had acquired the moniker of "Roys boys" at a time when Prannoy Roy used to be the anchor and would refer to his colleagues as a "family" which is described by some of his former staff to have been broken when the editor-in-chief Rajdeep Sardesai resigned after the company went public.[5] The newsrooms themselves were stewarded by Radhika Roy since the inception, who is described to have been incessant on maintaining a high standard for its editorial output, in the process instituting a code of conduct for journalistic ethics.[6][139]

Since the inception of the Ramnath Goenka Excellence in Journalism Awards, the journalists of the company's news channels have been the recipient one or more award every single year with the exception of 2013 and 2018, collectively winning 32 individual awards across various categories.[140] It also has a high employee retention rate, with 28% of the workforce having been employed in it for over 10 years, considered to be unprecedented in the electronic media industry, which has an average service period of less than four years.[6] Due to a number of notable broadcast journalists and media executives of various other companies emerging from employment under NDTV,[5][6] the company has acquired a reputation of being a "training ground" for television broadcasting in India.[6][141]

References

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NDTV

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New Delhi Television Limited (NDTV) is an Indian commercial broadcasting and digital media company that produces and airs news and current affairs programming across television and online platforms. Incorporated on 8 September 1988 by , an economist and journalist, and his wife , NDTV initially operated as a production house creating content for India's state broadcaster before expanding into independent channels following . The company operates prominent channels including , an English-language news network, and , its Hindi counterpart, alongside digital properties and international feeds like NDTV Arabia. NDTV played a pioneering role as India's first private producer of and current affairs programming, establishing itself as a key player in the country's media landscape during the shift from to private broadcasting in the . A defining event in NDTV's recent history occurred in 2022 when the , led by , acquired a controlling stake of nearly 65% through an initial purchase of a lender's 29.18% holding in a promoter-backed entity, followed by an open offer and direct purchases from founders Prannoy and , who retained a . This transaction, which involved a default by promoters triggering the stake transfer, sparked debates over media ownership concentration and editorial autonomy, resulting in the of several senior journalists.

History

Founding and Doordarshan Collaboration (1984–1998)

New Delhi Television Limited (NDTV) was incorporated on September 8, 1988, as a private company by , an economist and psephologist, and his wife , a , with the initial focus on producing television content. The company commenced operations by creating news and current affairs programming for , India's state-owned public broadcaster, which held a monopoly on television transmission at the time. This arrangement positioned NDTV as an external production house, allowing it to develop professional journalism without owning broadcast infrastructure, as private satellite channels were not yet legalized in . NDTV's flagship early program, The World This Week, debuted on Doordarshan on November 25, 1988, marking India's first independent weekly news bulletin produced outside government control. Hosted by , the half-hour show provided analysis of domestic and international events, incorporating elements like graphics and opinion polling—innovations rare in Doordarshan's prior state-scripted content. Over the subsequent decade, NDTV expanded its output to include additional news segments and specials, all aired exclusively via Doordarshan, building a reputation for factual reporting amid the broadcaster's limited technological capabilities and editorial oversight. The collaboration endured until , enabling NDTV to refine production techniques and attract talent while navigating Doordarshan's scheduling constraints and risks, such as during politically sensitive periods. This phase laid the groundwork for NDTV's shift to autonomous broadcasting, as economic liberalization in the opened doors for private media ventures.

Partnership with Star and Initial Launches (1998–2003)

In early 1998, NDTV formalized a partnership with India to launch India's first private 24-hour news channel, Star News, addressing regulatory restrictions on in by having NDTV provide exclusive editorial content while Star handled distribution and operations. The channel was unveiled on February 4, 1998, and officially launched shortly thereafter as a bilingual service in English and , marking the entry of continuous private news programming amid the 1998 general elections. Under the five-year agreement, signed in 1997 and effective through March 31, 2003, NDTV produced all news segments, leveraging its established journalistic expertise to deliver live coverage, bulletins, and analysis, with revenue shared between the partners. This collaboration enabled rapid scaling, as Star News reached urban audiences via satellite, competing with state-controlled and pioneering formats like rolling news and on-ground reporting. The partnership faced no major public disruptions until its expiration, allowing NDTV to build a viewer base and operational infrastructure, though underlying tensions over control and revenue emerged privately toward the end. By 2003, Star News had solidified its position, but the deal's conclusion paved the way for NDTV's independent ventures.

Path to Independence and Network Growth (2003–2007)

In early 2003, NDTV's partnership with Star TV, which had begun in 1998, concluded as the contract expired without renewal, allowing NDTV to pursue full and operational control over its programming. This shift was driven by NDTV's leadership emphasis on maintaining autonomy in news content, amid Star's interest in extending the collaboration. On April 15, 2003, NDTV launched its flagship independent channels: , an English-language 24-hour news network targeting urban and international audiences, and , a Hindi-language counterpart focused on national news and current affairs. These launches marked NDTV's transition to a self-owned broadcaster, with initial investments in transmission infrastructure and content production to compete in India's expanding cable and satellite market. Building on this foundation, NDTV expanded its portfolio with specialized channels to diversify revenue streams and capture niche viewership. In January 2005, the network introduced NDTV Profit, a dedicated 24-hour business news channel providing , corporate updates, and economic reporting, which quickly established benchmarks for transparent financial in . By late 2005, NDTV's operational footprint had grown significantly, encompassing 19 offices and studios nationwide to support enhanced local coverage and production capabilities. This buildup facilitated real-time reporting and contributed to sustained audience leadership in key demographics despite rising competition from new entrants. The period culminated in further network diversification in 2007, as NDTV ventured into non-news genres to leverage the booming media sector. On September 7, 2007, it debuted NDTV Good Times, India's first lifestyle channel offering programming on fashion, health, and entertainment trends. Concurrently, NDTV launched MetroNation in September 2007, pioneering city-specific English news content aimed at urban centers like Delhi and Mumbai. These additions reflected NDTV's strategic push into lifestyle and localized media, supported by robust revenue growth—evidenced by strong quarterly performances that underscored market dominance in news while adapting to multimedia demands. Overall, the years 2003–2007 solidified NDTV's position as a multifaceted broadcaster, with channel revenues and operational scale expanding amid India's economic liberalization.

Expansion Efforts Amid Financial Pressures (2007–2015)

In 2007, NDTV diversified beyond by establishing NDTV Lifestyle, a focused on and content, and launching NDTV Good Times on September 7 as India's inaugural lifestyle channel targeting urban audiences with programming on , , and wellness. This initiative sought to leverage the growing demand for non-news genres amid rising spends in lifestyle media, with the channel distributed via cable and satellite platforms to expand revenue streams. The expansion accelerated in 2008 with the launch of NDTV Imagine, a general entertainment channel (GEC) featuring scripted series, reality shows, and family-oriented content, aimed at competing in the saturated Indian GEC market dominated by networks like and Zee. However, these ventures incurred substantial upfront costs for content production, talent acquisition, and marketing, straining NDTV's already impacted by the 2008 global , which curtailed advertising budgets and viewer spending. For the quarter ended September 30, 2008, the NDTV Group recorded a net loss after tax of Rs 119 crore, a sharp deterioration from prior periods, attributed partly to elevated operational expenses from new channel rollouts. Financial pressures intensified as entertainment segments underperformed against expectations, with NDTV Imagine struggling to secure top ratings in a market favoring established players with deeper content libraries. By December 2010, NDTV divested NDTV Imagine to for an enterprise value of approximately Rs 550 crore (about $120 million), allowing the company to recoup investments but signaling a retreat from aggressive GEC expansion due to persistent losses and competitive headwinds. NDTV Good Times, while retaining a niche , also faced challenges, contributing to cumulative losses that prompted cost-cutting measures, including staff reductions and deferred capital expenditures across the network. Amid these constraints, NDTV pivoted toward digital and converged media initiatives, investing in NDTV Convergence to integrate video, mobile apps, and services, which began gaining traction by 2010-2012 as penetration rose in . This shift helped mitigate broadcast dependencies, though overall debt levels remained elevated, with borrowings tied to prior expansions hovering around Rs 400-500 by 2012, necessitating reliance on promoter funding and selective asset sales to sustain operations. By 2015, the period closed with NDTV refocusing on core news channels like and , while lifestyle efforts stabilized at reduced scale, underscoring the risks of over-diversification without commensurate profitability.

Regulatory Scrutiny, Litigations, and Pre-Acquisition Tensions (2015–2022)

In 2017, the Securities and Exchange Board of India (SEBI) intensified scrutiny of NDTV's promoters, and , over alleged violations of disclosure norms stemming from a 2009 loan agreement with . SEBI issued show-cause notices claiming non-disclosure of pledged shares in RRPR Holding Private Limited, the promoters' entity that held significant NDTV stake, and potential routing of funds that bypassed regulatory approvals. While some proceedings were disposed without penalty that year, SEBI later determined in 2020 that the arrangement effectively ceded control to lenders without triggering an open offer under regulations, imposing a Rs 27 crore fine on the Roys and RRPR, alongside a two-year market ban. Parallel to SEBI actions, the (CBI) conducted raids on June 5, 2017, at NDTV's offices and the Roys' residences, probing an alleged Rs 375 crore loan from in 2008 to RRPR for share pledges without SEBI disclosure, followed by a 2011 settlement at reduced interest (from 19% to 9.5%), purportedly causing bank losses of over Rs 48 crore. The invoked sections of the for cheating and criminal conspiracy, with NDTV contending the probe was politically motivated due to its editorial stance. A separate CBI case filed in August 2019 alleged corruption in NDTV's operations, but investigations stalled without evidence of wrongdoing. These probes exacerbated NDTV's financial strains, with promoter shares heavily pledged amid accumulated debts exceeding 500 by 2021, low averaging -27.7% over recent years, and contingent liabilities nearing 926 . Ongoing litigations, including appeals against SEBI's 2020 order—where the Securities Appellate Tribunal in July 2022 reduced penalties to 5 total and affirmed no control cession occurred—tied up resources and eroded confidence, depressing share prices. By mid-2022, these pressures culminated in pre-acquisition tensions when Adani Group's AMG Media Networks acquired a 29.18% stake in NDTV via Vishvapradhan Commercial Private Limited, a entity holding convertible options linked to RRPR's unpaid loans totaling Rs 403 . NDTV's management received just two days' notice to repay the debt or forfeit shares, which it deemed coercive and non-consultative, prompting founder resignations and an open offer for additional stakes. The episode highlighted vulnerabilities from prior regulatory battles and debt overhang, though NDTV framed it as undermining media independence amid perceived governmental favoritism toward the acquirer.

Adani Acquisition and Subsequent Restructuring (2022–present)

On August 23, 2022, Adani Group subsidiary AMG Media Networks announced the indirect acquisition of a 29.18% stake in NDTV through the purchase of Vishvapradhan Commercial Private Ltd., which held convertible warrants in NDTV promoters' RRPR Holding Private Ltd., triggering their conversion and an open offer for an additional up to 26% stake at ₹294 per share. The open offer, launched in November 2022, closed on December 5, 2022, with Adani securing an additional 8.26% stake from public shareholders, elevating its holding to 37.44% and making it the single largest shareholder. On December 23, 2022, NDTV founders and agreed to transfer 27.26% of their direct equity stake in NDTV to AMG Media Networks for ₹602 , retaining a combined 5% holding, which increased Adani's total stake to 64.71%. The transaction completed on December 30, 2022, via a block deal on the National Stock Exchange, prompting the Roys' immediate resignation from NDTV's . NDTV's board subsequently appointed two Adani nominees, S. Ravi and Priya Ajit, as directors. Post-acquisition, NDTV experienced significant senior-level exits, including prominent journalists such as Ravish Kumar in November 2022, who cited concerns over editorial independence, and Sreenivasan Jain in January 2023. In January 2023, President Suparna Singh and two other senior executives resigned, part of a broader wave of departures described by Reporters Without Borders as a "flood" signaling risks to media pluralism, given NDTV's prior reputation for critical coverage of the government. Critics, including international outlets, attributed these changes to potential alignment with Adani's business interests and proximity to Prime Minister Narendra Modi, though Adani Group maintained the acquisition aimed to bolster professional journalism without editorial interference. Under Adani ownership, NDTV underwent operational recalibration, including leadership restructuring and content shifts, such as increased interviews with BJP figures, while launching new regional channels and documentaries. By 2024, the network reported regional expansion and digital traffic growth, as noted by in the group's annual meeting. In September 2025, NDTV proposed a to raise capital, potentially increasing promoter holding toward 75% and facilitating delisting, alongside acquiring the Goodtimes channel for ₹18 to re-enter . These moves reflect ongoing financial and structural integration, amid NDTV's efforts to address pre-acquisition debts exceeding ₹500 .

Media Operations

Current Broadcast Channels

NDTV operates six active news broadcast channels as of October 2025, comprising national English and services, a dedicated channel, and three regional outlets launched following the Adani acquisition to extend coverage into state-specific markets. These channels emphasize 24-hour news programming, with a focus on politics, economy, and local issues where applicable. The flagship English-language channel, , provides comprehensive national and international news, analysis, and current affairs, reaching audiences in and abroad via cable, , and digital platforms. Launched in 2003, it maintains a presence on major distributors like at channel position 761 in standard definition. , its Hindi counterpart, similarly delivers round-the-clock coverage tailored to -speaking viewers, positioning it among India's leading news broadcasters. NDTV Profit specializes in business, finance, markets, and economic reporting, broadcasting live updates on stock indices, corporate developments, and policy impacts. The channel, rebranded from NDTV Prime, operates in English and integrates with NDTV's digital ecosystem for extended reach. Post-acquisition expansion included regional launches approved by the Ministry of Information and Broadcasting. NDTV Rajasthan debuted in early 2023, offering Hindi-language news focused on Rajasthan's politics, agriculture, and culture, available on platforms like Dish TV at position 730. NDTV Madhya Pradesh-Chhattisgarh followed in August 2023, providing localized reporting for the two states via dedicated feeds and website mpcg.ndtv.in, accessible on Dish TV at 721. NDTV Marathi, the sixth channel, launched on May 1, 2024, targeting Maharashtra with Marathi-language content on regional governance, industry, and events, distributed on Dish TV at 1257.
ChannelLanguageFocus AreaLaunch Year (Regional)
NDTV 24x7EnglishNational/International News2003
National News2003
NDTV ProfitEnglishBusiness/FinanceRebranded ~2017
Rajasthan Regional News2023
NDTV Madhya Pradesh-ChhattisgarhMP/CG Regional News2023
NDTV MarathiMarathiMaharashtra Regional News2024
These channels collectively form NDTV's broadcast portfolio, with distribution varying by provider but emphasizing and pay-TV availability in .

Former and Discontinued Channels

NDTV launched NDTV Imagine, a general channel, in collaboration with in 2008, focusing on fiction series and family-oriented programming. The channel struggled with low viewership ratings amid intense competition in the GEC market. Operations ceased on April 12, 2012, with re-runs airing briefly thereafter, and the channel was fully removed from cable and DTH platforms by May 12, 2012. In 2014, NDTV introduced a dual-channel format combining business news under NDTV Profit with lifestyle content as NDTV Prime on the same frequency, marking India's first such hybrid setup. NDTV Profit, originally a dedicated news outlet since the early 2000s, discontinued its news programming on June 5, 2017, transitioning fully to NDTV Prime as an channel featuring travel, food, and automotive segments. NDTV Prime operated until the 2022 Adani acquisition, after which its content was phased out in favor of relaunching NDTV Profit in December 2023 as a rebranded news channel from the acquired . NDTV MetroNation, a city-specific news channel targeting viewers with local coverage, launched in the late but ceased in 2011 due to limited audience reach and operational challenges in the hyper-local news segment. Similarly, NDTV Arabia, a Dubai-based English and news service aimed at Indian expatriates in the , began operations in 2007 but shut down by mid-June 2009 amid the global , which led to sharp declines in advertising revenue and unsustainable losses.

Digital Platforms and Subsidiaries

NDTV operates a comprehensive digital ecosystem centered on its flagship website, ndtv.com, which delivers real-time news updates, in-depth articles, videos, and of its broadcast channels, including NDTV 24x7. Launched as part of its expansion into online media, the platform covers , , , and international affairs, with features like push notifications for and archived content for on-demand access. Complementing the website, NDTV offers dedicated mobile applications for and Android devices, providing users with instant access to live TV feeds from channels such as , , and regional variants like NDTV Marathi and NDTV Rajasthan. These apps, available since the mid-2010s, integrate specialized sections for live scores, reviews, and personalized feeds, amassing over 123,000 reviews on with a 4.2-star rating as of 2025. Additional apps include NDTV Cricket for sports-focused content. The company's digital operations are primarily managed through its subsidiary NDTV Convergence Limited, established to oversee websites, mobile apps, and online content distribution. This entity handles the production and dissemination of digital , including integration for web and app platforms, and reported financials as part of NDTV's consolidated statements through March 2025. Other subsidiaries with ties to broader media ventures include Red Pixels Ventures Limited, incorporated in 2015 and focused on ancillary business activities such as content-related services, though it has been treated as an associate in recent filings following stake adjustments. In October 2025, NDTV completed the amalgamation of four subsidiaries—NDTV Networks Limited, NDTV Worldwide Limited, NDTV Media Limited, and NDTV Labs Limited—into the parent company, streamlining operations but retaining NDTV Convergence as a key digital-focused entity. NDTV also runs NDTV Brand Amp, an internal venture designing and marketing executions for partner brands, leveraging its digital infrastructure for targeted campaigns. This initiative supports revenue diversification beyond advertising on core platforms.

Regional and Upcoming Ventures

NDTV has pursued regional expansion primarily through state-specific news channels to deliver localized content in and regional languages, aligning with post-2022 efforts to broaden its footprint beyond national English and broadcasts. In August 2023, the Indian Ministry of Information and Broadcasting approved licenses for four regional channels: , , NDTV Gujarati, and NDTV Marathi. These initiatives target underserved state-level audiences, emphasizing hyper-local reporting on , , and events. NDTV /Chhattisgarh and NDTV were among the first to launch, providing dedicated coverage for their respective Hindi-speaking regions, including state assembly elections and regional developments. NDTV Marathi followed on May 1, 2024, as the group's sixth channel overall, airing in the to serve Maharashtra's 110 million-plus population with a focus on credible, unbiased amid the state's evolving political landscape. By October 2024, these three channels formed NDTV's core regional portfolio, complementing national outlets like . Broader plans announced in May 2023 envisioned nine regional channels, including South Indian language variants such as NDTV Tamil, NDTV Telugu, , and , alongside Western expansions like NDTV Gujarati. However, progress has been measured, with NDTV Gujarati remaining unlicensed for launch as of late 2024, and no confirmed timelines for Southern channels by mid-2025. The company's FY 2023-24 highlights ongoing "aggressive regional expansion" to incorporate diverse voices, supported by growth from localized programming during events like the 2024 elections. Adani Group chairman noted in June 2024 that such ventures, alongside digital scaling, drove a 39% year-over-year increase in traffic, signaling sustained investment despite regulatory and financial hurdles.

Corporate Structure

Ownership and Shareholder Dynamics

NDTV was founded in 1988 by and , with the promoters maintaining control through RRPR Holding Private Limited, which held approximately 32.26% of the equity as of mid-2022, alongside effective influence over an additional 29.18% stake via convertible loans in Vishvapradhan Commercial Private Limited (VCPL). This structure allowed the founding promoters to retain majority voting rights despite public listing in 2004 and subsequent dilution. The ownership shifted decisively in August 2022 when ' subsidiary, AMG Media Networks Limited (AMNL), acquired VCPL for Rs 113.74 , securing 29.18% of NDTV's stake and triggering an open offer for an additional 26%. The open offer, conducted from November 22 to December 5, 2022, resulted in Adani entities acquiring further shares, elevating their holding to approximately 37%. Subsequently, on December 23, 2022, and transferred 27.26% of their remaining stake to AMNL, consolidating Adani's control at 64.71% through RRPR Holding and VCPL, while the founders retained a nominal combined 5% classified under shareholding. Post-acquisition, shareholder dynamics stabilized with Adani Group as the dominant promoter, holding the stake via controlled entities without significant dilution until a rights issue in 2025. In September 2025, NDTV's board approved a Rs 400 crore rights issue at Rs 82 per share, offering 4.83 crore shares, which closed oversubscribed by 1.11 times on October 8, raising Rs 396.49 crore. Promoters, led by Adani entities including RRPR Holding, fully subscribed to their entitlements and participated in the unsubscribed portion, increasing the promoter stake to 69.02% as of September 30, 2025, with public shareholding at 30.98%, predominantly retail investors. This adjustment expanded NDTV's equity share capital from 6.45 crore to 11.28 crore shares, reinforcing Adani's controlling position amid efforts to reduce debt and fund digital expansion. Current major shareholders under the promoter category include RRPR Holding Private Limited, now controlled by following loan conversions in 2022, and Vishvapradhan Commercial, with no other entities holding significant blocks that could influence dynamics. Institutional holdings remain minimal, with foreign institutional investors at 0.11% and domestic institutions under 1% as of September 2025, limiting external sway over strategic decisions. The structure reflects a transition from family-led independence to corporate dominance, with Adani's stake ensuring aligned governance under AMG Media Networks, a wholly-owned subsidiary.

Governance, Leadership, and Board Composition

Following the Adani Group's acquisition of a 64.71% controlling stake in NDTV through an open offer completed on December 5, 2022, the was restructured to include nominees affiliated with the acquirer, such as Chengalvarayan, a non-executive non-independent director from the executive team. This shift aligned with regulatory requirements for listed companies under SEBI guidelines, emphasizing a mix of executive, non-executive, and independent directors to oversee strategic decisions. As of 2024-25, NDTV's board comprises six directors, with a majority classified as independent to ensure oversight impartiality, per the company's . Upendra Kumar Sinha serves as the non-executive independent chairperson, bringing prior experience as SEBI chairman from 2011 to 2017. acts as the executive whole-time director, appointed post-acquisition and handling operational responsibilities.
Director NamePositionCategory
Upendra Kumar SinhaIndependent
Sanjay PugaliaWhole-Time DirectorExecutive
Senthil ChengalvarayanNon-Independent
Dipali GoenkaIndependent
Dinesh Kumar MittalIndependent
The board oversees key committees, including , and , and stakeholder relationship committees, with independent directors holding chairs in compensation and nominating roles to maintain checks on . In executive leadership, was appointed and effective June 16, 2025, succeeding prior arrangements and focusing on content strategy and revenue growth amid the channel's FY25 financials showing increased revenue but persistent losses. Key managerial personnel include Anup Dutta as and Parinita Duggal as and compliance officer, responsible for financial reporting and regulatory adherence. These roles report to the board, with governance emphasizing compliance with India's Companies Act and listing norms, though critics have questioned the of decision-making given Adani's promoter status.

Financial Trajectory and Capital Raises

NDTV's financial trajectory reflects a mix of revenue stability from its core operations and challenges in achieving consistent profitability, exacerbated by high content and distribution costs in a competitive Indian media landscape. Prior to the Adani Group's acquisition in December 2022, the company reported revenue of ₹421 and a net profit of ₹85 for FY 2021–22, alongside negligible levels after reducing net by 75% during the year through operational efficiencies and cost controls. However, historical performance showed volatility, with the company navigating periodic losses amid declining revenues and regulatory hurdles, though specific pre-2015 data indicates a pattern of modest growth from its public listing without major equity dilutions. Post-acquisition, NDTV experienced a brief uptick in FY 2022–23 with a net profit of ₹52.9 , attributed to initial synergies and revenue recovery to ₹465 , but transitioned to losses thereafter as investments in digital and content ramped up. Consolidated revenues stabilized around ₹479 in FY 2024–25, yet the company posted a net loss of ₹199.8 , driven by elevated operating expenses exceeding ₹670 and impairment provisions, reflecting aggressive expansion amid softening ad markets. Debt remained low, but strains prompted strategic infusions to support growth. Capital raises have been infrequent, with no significant preferential allotments or rights issues recorded in the pre-acquisition decade, relying instead on internal accruals and promoter loans that indirectly facilitated the 2022 stake transfer. The Adani acquisition itself injected liquidity via share purchases totaling over ₹2,000 crore from promoters and open offers, effectively recapitalizing without direct equity issuance to the company. In September–October 2025, NDTV executed its first major post-listing equity raise through a rights issue, allotting 4.83 crore shares at ₹82 each (face value ₹4, premium ₹78), raising ₹396.49 crore in an oversubscription of 1.11 times. This increased paid-up capital from 6.45 crore to 11.28 crore shares and elevated promoter holding to 69.02%, with proceeds allocated to digital platforms, content enhancement, distribution strengthening, and minor debt repayment. The move enhanced financial flexibility amid ongoing losses, signaling a shift toward growth-oriented funding under Adani stewardship.

Editorial Approach and Controversies

Pre-Adani Editorial Practices and Independence Narrative

Prior to the Adani Group's acquisition in December 2022, NDTV maintained editorial practices centered on , with a focus on investigative reporting, in-depth analysis, and coverage of national politics, often through programs hosted by figures like and . The channel, co-founded by in 1988 and operational in television from 1998, positioned itself as adhering to journalistic standards emphasizing verification and neutrality, particularly in its flagship channel , which garnered awards for rural and social issue reporting. NDTV's independence narrative was prominently advanced by its promoters and supported by international observers, portraying it as a bulwark against perceived government-aligned media dominance under the BJP since 2014. Prannoy Roy frequently claimed the channel's autonomy stemmed from its promoter-driven structure and resistance to advertiser or political pressures, contrasting it with "godi media" outlets accused of pro-government bias. This view was echoed in reports highlighting NDTV's critical coverage of policies like demonetization in 2016 and the 2019 Citizenship Amendment Act, which drew regulatory scrutiny including a 2017 CBI raid on Roy's residence over alleged bank loan irregularities causing a reported ₹480 loss to —a without charges in October 2024. However, this narrative faced challenges from documented financial dependencies that potentially undermined claims of uncompromised autonomy. Between 2008 and 2009, promoters Prannoy and secured loans totaling approximately ₹375-540 crore from Vishvapradna Contractors Private Limited (VCPL), an entity linked to , which were later converted into warrants granting VCPL a near-controlling 19.18% stake by 2010; this arrangement prompted SEBI penalties in 2019 for non-disclosure violations, barring the Roys from market access for two years. Critics, including conservative outlets, argued these corporate ties—coupled with historical funding from public banks and financial institutions—enabled selective editorial stances, such as consistent negativity toward pre-2014 and alleged downplaying of Congress-era scandals, reflecting a left-center rather than . Empirical assessments, such as those from media watchdogs, rated NDTV's pre-2022 factual reporting as mixed due to occasional failed fact checks and opinion-laden framing in political coverage, though it avoided outright . The channel's reliance on slim profit margins and further exposed vulnerabilities, with admitting in internal communications to navigating capital constraints that prioritized survival over expansion, potentially influencing content to appease lenders or regulators.

Allegations of Bias from Conservative Perspectives

Conservative commentators and BJP supporters have long alleged that NDTV maintains a structural against the Narendra Modi-led , portraying it through selective reporting that emphasizes failures while minimizing achievements, often aligning with opposition narratives. This perspective gained prominence post-2014, with critics arguing that NDTV's coverage exemplifies "Lutyens' media" , favoring secular-left viewpoints over nationalistic priorities. For instance, during the 2016 demonetization drive, right-wing outlets claimed NDTV amplified stories of public hardship and economic disruption without balanced on curbing black money, framing the as chaotic rather than a bold measure. On national security matters, allegations intensified around events like the 2019 Balakot airstrikes, where conservative sources accused NDTV journalists of undermining Indian claims by echoing Pakistani denials and questioning strike efficacy, thereby weakening public support for military actions. Similar criticisms arose over the 2016 surgical strikes, with NDTV reportedly hesitant to affirm India's assertions without independent verification, seen as prioritizing international skepticism over domestic morale. documented seven such instances of NDTV advancing narratives perceived as anti-India, including downplaying terror links in domestic unrest. Domestic policy coverage drew further ire during the 2019-2020 Citizenship Amendment Act (CAA) protests and 2020-2021 farmers' agitation, where conservatives contended NDTV disproportionately highlighted protester grievances—such as claims of discrimination or farm law harms—while sidelining government explanations on refugee protections or agricultural reforms' benefits. Right-wing analyses portrayed this as stoking division, with NDTV accused of omitting evidence of protest violence or external influences like Khalistani elements in farmers' stirs, thus eroding policy legitimacy. BJP affiliates and outlets like labeled such reporting as partisan, rooted in NDTV's alleged historical ties to ecosystems, including editorial appointments during UPA rule.

Criticisms from Liberal Viewpoints and Pluralism Concerns

The acquisition of a controlling stake in NDTV by the , completed on December 1, 2022, elicited widespread concerns from liberal-leaning journalists, media watchdogs, and outlets regarding threats to in . (RSF) characterized the takeover as signaling "the end of pluralism in India's leading media," contending that it marked the absorption of the nation's last major independent into ownership aligned with the (BJP)-led government, thereby diminishing viewpoint diversity in a landscape already skewed toward pro-government narratives. This perspective was echoed by critics who argued that Adani's billionaire status and documented business ties to Prime Minister Narendra Modi—evidenced by joint appearances at events like the 2022 summit—created structural incentives for editorial alignment, reducing the multiplicity of voices essential for democratic discourse. Liberal commentators highlighted the hostile nature of the August 2022 initial stake purchase, where converted ₹40.3 billion (approximately $550 million) in loans held by NDTV's promoter entity into a 29.18% equity stake without prior founder consultation, as a maneuver bypassing standard takeover protocols and regulatory scrutiny. Outlets such as and reported fears among NDTV's staff that this would erode the channel's tradition of government critique—NDTV had aired investigative segments on issues like the 2016 demonetization policy and farmer protests—potentially leading to and homogenization of coverage. Post-acquisition resignations, including those of veteran anchors like Nidhi Kulpati and in early 2023, were cited as early indicators of internal unease over anticipated shifts, with RSF linking such "erosion of the forces that built NDTV's journalistic reputation" directly to the change. Broader pluralism concerns extended to media concentration risks, as Adani's control over NDTV—reaching urban audiences of over 100 million via its Hindi and English channels—compounded his existing stakes in digital platforms and publications, potentially amplifying a single economic-political nexus at the expense of countervailing perspectives. Analysts in venues like the Journal of Democracy warned that this "endgame for independent media" left major Indian TV news under billionaire influence, with NDTV's pre-takeover audience share of around 5-7% in key demographics now vulnerable to alignment with state-favored narratives, as evidenced by subsequent coverage patterns on topics like infrastructure projects benefiting Adani firms. Critics from Al Jazeera and Deutsche Welle emphasized that such consolidations undermine pluralism by incentivizing omission of adversarial reporting, drawing parallels to global cases where corporate capture correlates with reduced investigative output—though empirical tracking by independent monitors like Newslaundry post-2022 noted a 20-30% drop in critical segments on government policies without corresponding gains in depth elsewhere. These viewpoints, while rooted in documented mechanics and historical NDTV output, have been contested by Adani representatives, who in a November 2022 interview asserted no intent to interfere with decisions, positioning the acquisition as a commercial stabilization amid NDTV's ₹5.5 billion debt burden. Nonetheless, liberal critiques persist, framing the episode as emblematic of systemic pressures on pluralism, where regulatory bodies like the Securities and Exchange Board of India (SEBI) approved the open offer despite initial founder challenges, prioritizing market efficiency over diversity safeguards.

Major Incidents Involving Regulatory Actions

In June 2017, the (CBI) conducted raids on the offices of New Delhi Television Limited (NDTV) and the residences of its co-founders and , probing allegations of and under Sections 420 and 120B of the . The investigation focused on a 2008-2009 of approximately Rs 380 crore extended by to RRPR Holding Private Limited, an entity controlled by the Roys, claiming it violated banking norms by causing wrongful loss to the lender through opaque repayment terms and potential misuse of funds. No charges were filed at the time, and in October 2024, the CBI submitted a closure report to the court, stating that exhaustive inquiries found no evidence of criminality or legally tenable wrongdoing, characterizing the transaction as standard commercial lending without violation of foreign exchange or banking laws. The Securities and Exchange Board of (SEBI) initiated multiple actions against NDTV primarily for non-disclosure of material information related to the same loans, which included clauses allegedly conferring control to lenders without public intimation as required under securities laws. In June 2015, SEBI imposed a 2 penalty on NDTV for delaying disclosures to exchanges about repayments until May 2014, violating listing agreement norms under the Securities Contracts () Act. Subsequent probes led to a March 2018 order fining NDTV 10 and its promoters 3 each for failing to disclose restructuring details, breaching 13(3) of SEBI's listing obligations. In June 2019, SEBI levied an additional 12 fine for similar disclosure lapses in prior filings. Escalation occurred in December 2020 when SEBI fined NDTV Rs 5 crore for not disclosing price-sensitive terms with and Vishvapradhan Commercial Private Limited (VCPL), which involved personal guarantees and control-transfer clauses, violating SEBI (Prohibition of ) Regulations and listing agreements. Promoters , , and others faced a combined Rs 27 crore penalty for these violations, including non-disclosure of lender influence over board decisions. Appeals to the Securities Appellate (SAT) in July 2022 reduced NDTV's fine to Rs 10 and promoters' penalties substantially, citing insufficient evidence of intent to defraud. In October 2023, SAT quashed a separate 2020 SEBI order alleging by the Roys in NDTV shares, finding no unpublished price-sensitive information was traded. These cases highlight recurring SEBI enforcement on disclosure compliance but also appellate reversals emphasizing lack of .

Post-Acquisition Editorial Shifts and Internal Changes

Following the Adani Group's acquisition of a controlling stake in NDTV, completed on December 23, 2022, when promoters transferred a 27.26% stake to AMG Media Networks, a series of high-profile resignations occurred among senior editorial and executive staff. Founders and resigned as directors on December 30, 2022, after which the company appointed two new directors and noted the exit of six others from the board. Veteran anchor , known for his critical show, resigned on November 30, 2022, citing personal reasons amid the ownership transition. In January 2023, additional departures intensified internal upheaval, with Group President Suparna Singh, Chief Strategy Officer Arijit Chatterjee, and Chief Technology and Product Officer Kawaljit Singh Bedi resigning on January 13. Other notable exits included consulting editor on January 31 and managing editor on January 28, both long-time figures associated with NDTV's independent voice; , a senior editor, left in May 2023 after over two decades. These resignations, totaling at least a dozen senior roles in the initial months, created a leadership vacuum and prompted concerns from journalists about the channel's future direction. To stabilize operations, Adani installed new leadership, including as whole-time director and Senthil Sinniah Chengalvarayan in an operational role, with Upendra Kumar Sinha serving as non-executive independent director-chairperson. On March 27, 2023, the board added independent directors , former SEBI chairman, and Dipali Goenka, former Welspun India CEO. These appointments shifted oversight toward executives with corporate and regulatory backgrounds, diverging from NDTV's prior founder-led structure. Editorial practices exhibited subtle but observable shifts toward less confrontational coverage of the government. In January 2023, during the report alleging stock manipulation by Adani entities, NDTV refrained from reporting the story for three days before framing it as an "attack on " based on Adani's statements, despite Adani's prior assurances against interfering in editorial decisions. By mid-2023, the channel aired a nine-part documentary series praising Narendra Modi's , alongside increased promotional segments on his international visits, such as to the and , often with softer interviews of BJP figures like . Internal directives reportedly emphasized prioritizing Modi-related stories and avoiding divisive content, contributing to a perceived toning down of adversarial , though no formal policy overhaul was publicly announced. Critics, including former staff like , attributed these changes to ownership influence, marking a departure from NDTV's pre-acquisition reputation for government scrutiny.

Impact on Indian Media Landscape

Pioneering Achievements in Private Broadcasting

NDTV was founded on October 31, 1988, by and as an independent production house focused on and current affairs, entering a media landscape dominated by the state-owned . The company initially produced programming such as The World This Week, a weekly show aired on , which introduced professional, research-driven journalism to Indian audiences and challenged the monopoly of government-controlled broadcasting by emphasizing factual reporting over propaganda. This marked one of the earliest instances of involvement in India's television ecosystem, predating widespread liberalization of the sector. In 1998, NDTV partnered with Star India to launch Star News, recognized as 's first 24-hour English-language channel, which operated under NDTV's editorial control and content production. This venture pioneered continuous coverage in the country, shifting from episodic broadcasts to round-the-clock updates and establishing standards for live reporting, on-location journalism, and viewer engagement formats previously absent in Indian television. The channel's success demonstrated the viability of private, ad-supported operations, influencing subsequent entrants and expanding audience expectations for timely, independent information. By April 14, 2003, after securing government uplink permissions, NDTV transitioned to full independence with the simultaneous launches of (English) and (Hindi), becoming one of the first private entities to own and operate 24-hour news channels without foreign partnerships. These channels introduced innovations such as data-driven election analysis—pioneering graphical vote projections and exit polls on Indian TV—and specialized segments like morning shows and investigative features, which set benchmarks for analytical depth and visual storytelling in private broadcasting. NDTV's emphasis on on-ground reporting and , including early adoption of uplinks for real-time feeds, further solidified its role in professionalizing the medium amid India's economic opening.

Influence on Journalistic Standards and Audience Reach

NDTV played a pivotal role in elevating journalistic standards in India's private sector by introducing practices such as live on-the-ground reporting and 24-hour cycles, which contrasted with the scripted, state-controlled format of prior to the 1990s . Launched in 1988 as a production house, NDTV produced India's first private bulletin in 1990 and debuted in 2003, emphasizing fact-based, in-depth coverage over sensationalism, thereby establishing benchmarks for accuracy and editorial rigor that pressured state and emerging private outlets to professionalize. This influence extended to training a generation of journalists through its consultancy arm, NDTV Worldwide, which provided technical and ethical guidance to regional channels expanding globally. Critics from various perspectives have noted that while NDTV's early model promoted objectivity and transparency, its standards faced challenges amid competitive pressures, with some analyses highlighting perceived biases in coverage that undermined claims of neutrality, particularly in political reporting. Nonetheless, surveys and industry reports credit NDTV with fostering a of verifiable sourcing and , influencing the broader ecosystem to prioritize over hype, even as corporate ownership trends post-2010s raised questions about sustained . In terms of audience reach, NDTV commands significant viewership, particularly in urban and English-speaking demographics. As of September 2025, topped BARC ratings as India's most-watched English news channel, with a market share reflecting its appeal to educated viewers seeking detailed analysis. The Institute Digital News Report 2025 indicated NDTV's 29% weekly usage across TV, radio, and print, underscoring its dominance in offline news consumption at 32% for its channels. Digitally, its platforms attract over 200 million monthly visitors and exceed 100 million in reach, amplifying its influence beyond traditional TV to a global . This reach has shaped public discourse by prioritizing policy-focused narratives, though metrics from independent surveys like Prashnam in 2020 also highlighted NDTV India's lead in news viewership pre-acquisition shifts.

Broader Debates on Media Ownership and Objectivity

The Adani Group's acquisition of a controlling 64.71% stake in NDTV, completed on , , has intensified discussions on media ownership concentration in , where a handful of conglomerates now dominate broadcasting. Critics contend that such consolidations, including ' ownership of Network18 since 2014, enable owners to align coverage with their commercial and political alignments, potentially undermining pluralism by reducing diverse viewpoints in a market where television reaches over 900 million viewers. Proponents of corporate involvement argue it provides to cash-strapped outlets like NDTV, which faced issues prompting open offers, but detractors highlight empirical patterns of softened scrutiny toward government policies post-acquisition, as observed in reduced investigative segments on Adani-related controversies. Gautam Adani's perceived proximity to —evidenced by joint infrastructure projects worth billions—raises causal concerns that erodes when owners' regulatory approvals or contracts depend on ruling party favor, a dynamic replicated in other outlets avoiding critical reporting on allied tycoons. Reporters Without Borders has described the NDTV shift as signaling "the end of pluralism" in major Indian media, attributing declines in rigorous to changes that prioritize compliance over , amid India's 150th ranking in the 2023 due to economic pressures on independent voices. Regulatory gaps, such as the absence of antitrust caps on media cross- under the Networks Act, exacerbate these issues, allowing that blurs lines between news and corporate advocacy, though some analyses note pre-existing biases in outlets like NDTV toward opposition narratives.

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