Rumour mills are abuzz that “Sakshi” media group owned by YSRCP chief Jagan Mohan Reddy has been put up for sale.
This deal is rumoured to be the ‘biggest deal’ in the media field.
Reliable sources in the media industry said Jagran Prakashan Ltd (JPL), the publisher of the country’s largest daily Dainik Jagran, is keen on acquiring Sakshi group.
Sources said the negotiations between the managements of Sakshi and JPL groups are already on and a deal is expected to be finalised soon, anytime before the announcement of AP Assembly and Lok Sabha results on May 23.
Speculations are rife that Jagan decided to sell off Sakshi to raise funds for his political activities, party and election expenses.
Sakshi started by Jagan in 2008, emerged as the leading newspaper in Telugu States within no time ending the monopoly of “yellow media” represented by Eenadu and Andhra Jyothy.
Jagan soon launched Sakshi TV, which too emerged as one of the leading regional news channels.
Sakshi group also established its mark in digital media with online news portals in all languages.
Sources revealed that Jagan feels time is ripe to sell off Sakshi at this stage as the Sakshi enjoys enormous brand value which will fetch huge money for him.
Jagan is learnt to be expecting Rs 1,500 crore through this sale.
Jagan is also learnt to be fully confident of becoming CM of Andhra Pradesh after poll results on May 23 with all surveys predicting “YSRCP wave” in AP.
Jagan wants to focus on politics full-time as CM and want to exit from the media field for which he cannot devote time later.
Jagan strongly believes that if he becomes CM this time, he would remain in the post at least for the next 20 years since there will be no strong Opposition in AP as Chandrababu will also quit politics by then due to his old age and Lokesh or Nandamuri clan are not capable enough to bring TDP back to power in AP.
In this scenario, Jagan wants to devote complete time to politics.
Moreover, Jagan feels that as a ruling party, YSRCP will definitely has the advantage of utilising all the media groups in AP as they want and as such there was no need for him to run his own media group then.
A final announcement on Sakshi takeover is expected very soon.
In April 2010, Jagan sold his 51 per cent stake in Bharathi Cement to French Cement Company “Vicat” for nearly Rs 2,500 crore.
Jagan still holds 30 per cent stake in Bharathi Cements, which is worth nearly Rs 1,500 crore.
Jagan wants to rake in moolah through sale of Sakshi.
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