Kezerashvili to Give up Remaining 26% of his Formula TV Shares
Davit Kezerashvili, the co-owner of the opposition TV channel Formula is transferring 26% of the shares in the company to Zurab Gumbaridze, the channel’s general director for a symbolic price of 1 GEL. Gumbaridze is also the owner of 12.25% of the shares in TV Formula.
On 7 February, Zurab Gumbaridze applied to the Public Registry to register a change in the ownership of “Formula”. After the registration of the transfer of ownership, the shares of the TV company “Formula” will be distributed as follows”:
Zurab Gumbaridze – 38.25%; “Freedom Formula – 25%, Mikheil Mshvildadze – 12.25%; Irakli Saghinadze – 12.25%; ; Giorgi Liponava – 12.25%.
The opposition TV channel has been struggling to mobilize the funds. In February last year it already axed its entertainment programming and focused on news and analysis only. It also had to lay off some of staff.
Formula TV was registered in the Public Registry on 22 July 2019, and started broadcasting on 1 October. The “Formula Creative” team founded the TV company after the opposition “Rustavi 2” TV company was transferred to Kibar Khalvashi and after Paata Salia was appointed as Rustavi 2 channel’s director. Part of Rustavi 2 staff left, and joined the opposition channels Formula TV and Mtavari TV.
In 2023 Kezerashvili announced that he would give up control of the “Formula” TV company and transferred 25% of 51% controlling stake that he owned to TV management and journalists for symbolic 1 GEL, with the remaining share to be transferred in full after the end of the “oligarchic rule.”
Also Read:
- 14/03/2024 – Court: Formula TV’s Dismissal of Cameraman Unlawful
- 04/10/2023 – Formula TV Co-Founder’s Assailant Jailed for Six Months
- 18/04/2023 – Davit Kezerashvili Refutes the BBC Investigation Claims, Announces Handover of Formula TV Shares
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