Gautam Adani will own approximately 65% of NDTV after the founders sell their stake

Prannoy Roy and Radhika Roy, the founders of New Delhi Television Ltd (NDTV), announced on December 23 that they had opted to transfer the majority of their interests in the company to billionaire Gautam Adani, giving his conglomerate control over approximately 65 percent of the news network.

According to NDTV's regulatory filings, Radhika and Prannoy Roy would sell a 27.26 percent stake in NDTV to an entity owned by Adani, giving it a 64.71 percent ownership in NDTV.

After an open bid and a prior acquisition of a company owned by the founders, Adani already owned more than 37 percent of NDTV.

"Following the latest open offer, the AMG Media Network has become the single largest shareholder in NDTV. As a result of our joint agreement, we have chosen to sell the majority of our interests in NDTV to the AMG Media Network "In a statement, the founders stated.

"Since the open offer was released, our interactions with Gautam Adani have been productive; all of the proposals we made have been warmly and openly acknowledged by him," they continued.

Radhika and Prannoy Roy will keep a combined 5% share in NDTV.