The Smriti Irani-led information and broadcasting ministry issued an order today after a panel headed by Vice President M Venkaiah Naidu recommended Prakash's name for the post.
Prasar Bharati oversees the functioning of Doordarshan and All India Radio (AIR).
Speaking to PTI, Prakash said that he wanted to thank the vice president, the members of the panel and the Union government for giving him the opportunity to serve a second term.
Information and broadcasting secretary N K Sinha and Press Council of India (PCI) chairperson Justice (retd) C K Prasad were the other two members of the panel that recommended Prakash's name for the post.
The big battle ahead is to make Prasar Bharati the favoured destination for all kinds of content made available in all possible formats for varying consumption classes, he said.