Republic Media Network on Wednesday countered the "misleading reports" by making public the shareholding of its promoter.
In a statement, the Republic Media Network said that it has "taken note of a series of misleading reports in Indian and international media, making false and mala fide claims about the exact ownership of the consolidated network. And in this context, has decided to clarify the details of its promoter shareholding."
"At the time of the launch of the English Channel Republic TV, Arnab Goswami though his personal investment and family structures entirely controlled by him, had around 84 per cent of shareholder equity through his promoter entity in ARG Outlier Media Pvt Ltd," the statement reads.
It further reads: "After the initial capital raise to fund the launch of the English Channel, Mr Arnab Goswami raised further capital for expansion through a small equity raise, in February 2019, and since then continues to hold over 82 per cent of ARG Outlier Media Pvt Ltd. Further, his company of which he is the sole promoter owns 99 pc equity in the downstream digital entity that controls the digital assets of the network under the URL www.republicworld.com."
"All of Arnab Goswami's three legal and corporate entities are registered in India. His present controlling equity of 82 pc plus makes him one of the largest individual shareholders in the Indian news media landscape and the first journalist to achieve this feat," the statement adds.
"Therefore, Arnab Goswami, Editor-in-Chief of the Republic Media Network, is the sole promoter and Chairman of the Board of the Republic Media Network (RMN). This makes the Republic Media Network aside from being solely promoted, a career journalist owned network, which is unique in the context of Indian News Media ownership," added the statement.
Disclaimer: No Business Standard Journalist was involved in creation of this content