Shekhar Gupta Says Goodbye To Indian Express, Ambani’s Consolidate Hold On New Media Acquisition

Srinagar: The curtains have come down on the Network 18 group and on Editor Shekhar Gupta’s tenure in the Indian Express simultaneously. And without realising it perhaps Gupta wrote for both in his goodbye note sent out to Express staffers today when he recalled Gulzar with, “din dhale jahan, oonchi kar chalo,

Yaad aaye gar kabhi,jee udaas ho,

Meri awaz hi pehchan hai,

Gar yaad rahe…”

Gupta has written a sentimental farewell letter to the Express staffers, ending his 25 year association with the newspaper, with big “leadership” advice. First, he said, you should have a big heart; two always connect with the universe of those you lead. And third, find that instinct to choose the most talented and diligent, give them space and then trust them.

Meanwhile the online media site The Hoot carried an article by Vivian Fernandes that claimed that a Mukesh Ambani confidante had assured CNN-IBN’s editor in chief Rajdeep Sardesai that he should stay as he would have a free hand. As Fernandes noted that this reaching out to Sardesai to “carry on does not suggest a guarantee of editorial freedom.”

More interestingly, the article in The Hoot notes that the founder of TV 18 Raghav Bahl had not expected the Ambani take over to happen. He recounts how Bahl had got out of a tight financial patch and avoided a distress sale by raising money from Mukesh Ambani earlier “on conditions which virtually delivered the group to him. Raghav thought he would be able to pay back the debt. He never expected it to unravel the way it did, especially when Network 18 and Tv18 had come out of the red.” The article does not mention it but the Ambanis were credited with having given Rs 1700 crores to Bahl that he could not pay back.

Fernandes further notes, “that Raghav did not expect Mukesh Ambani to formalise control is evident from the Think India Foundation set up last year and his plans for it. For amplification of views he would have needed the news channels. He had also latterly invested in a large and elegant office for himself.” And then concludes rather well, “this is how big fish behave. Raghav is feeling the cold edge of the philosophy he espouses.”

A big change in the media world, and as pointed out earlier by The Citizen, one that puts the jobs of hundreds on the line. Mukesh Ambani, after unsuccessful attempts to enter the media world earlier through print, has invested RS 4000 crores to ensure success. He is looking for a big face to head the operations, as well as a television face that will give it the public image that he requires. Reports that discussions are on with Times Now anchor Arnab Goswami have been added to with speculation that Reliance Industries Limited is also looking at journalists-turned-BJP spokesperson to join the media venture in some capacity. However, the last is completely unconfirmed speculation, although negotiations with Goswami have and are taking place.

Meanwhile Shekhar Gupta whose exit from the Indian Express really follows a ‘going, going, no staying, going, going, gone….’ trajectory for the past few years, was first removed from the post of CEO that was seen by staffer as the first writing on the wall of a possible exit. His letter captured his long association with the newspaper as he went on to say his goodbye “with joy because I leave behind a wonderfully vibrant newsroom with (sic) very good hands of home grown leaders. And a newspaper that defines its value and power in terms of its depth, credibility and respect. There is no higher currency, no fairer denomination of a newspaper’s stature.”

The media churning, thus continues with big stakes. The Ambani’s have finally declared their ownership of the TV 18 television channels and web sites although covert control of big media houses continues under the shroud of secrecy. Ownership patterns are rarely shared with the public, as small media companies front for the big investors who do not always let their financial interests be known. In the process big editors are moved out, some into oblivion, while the junior journalists and others working in news channels are dismissed summarily without even a basic handshake.

The media speculation now is whether Rajdeep Sardesai will be persuaded to stay back, more so as he reportedly does not have another firm offer of employment. Gupta will be taking over the entire Living Media group that includes India Today and Headlines Today news channel, owned by Aroon Puri who has been looking for an effective head for several long months now to boost the sagging fortunes of his magazine that has lost considerable circulation over the years, as well as the television channel that insiders say needs a ‘boost’.

Courtesy:thecitizen.in

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