Kezerashvili Hands Over Remaining Shares in Formula TV
Davit Kezerashvili no longer holds shares in opposition-leaning Formula TV, as the former sponsor of the channel has officially transferred his remaining 26% stake to its co-founders Mikheil Mshvildadze and Zurab Gumbaridze.
The shares of Formula TV are now distributed as follows: Mikheil Mshvildadze – 38.25%; Zurab Gumbaridze – 32.25%; Freedom Formula – 25%; Irakli Saghinadze – 2.25%; and Giorgi Liponava – 2.25%.
In 2023, Kezerashvili said he would step down. He transferred 25% of his 51% controlling stake to the TV management and journalists for a symbolic 1 GEL, stating that the remaining shares would be transferred after what he termed the end of “oligarchic rule.”
Formula TV was established on July 22, 2019, and began broadcasting on October 1 of the same year. The channel was founded by the “Formula Creative” team after the opposition “Rustavi 2” TV company was transferred to Kibar Khalvashi and Paata Salia was appointed as Rustavi 2’s director. Following these changes, some Rustavi 2 staff departed to join opposition channels Formula TV and Mtavari TV.
Also Read:
- 09/12/2024 – Kezerashvili Wins Legal Battle with BBC
- 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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