Imedi TV and Rustavi 2, two of Georgia’s largest pro-government broadcasters, reported combined debts of more than half a billion lari (approximately USD 183 million) as of 2024, according to recently published financial audit reports. Watchdogs say the shortfall is covered through preferential loans from companies linked to the ruling Georgian Dream party and its patron, Bidzina Ivanishvili.
Imedi TV reported debts of about GEL 391 million (USD 144 million) in 2024, alongside losses exceeding GEL 67 million (USD 25 million). The channel’s total accumulated losses have reached GEL 454 million (USD 166 million). Its 2024 revenue was approximately GEL 39 million, nearly all of which came from advertising.
Rustavi 2 reported debts of more than GEL 109 million (approximately USD 40 million) in 2024, with losses exceeding GEL 41 million (approximately USD 15 million). Its accumulated losses stand at GEL 114 million (approximately USD 41 million), while its annual revenue reached GEL 14 million.
“Both TV stations are bankrupt,” Roman Gotsiridze, economist and former president of the National Bank of Georgia, wrote in an October 1 Facebook post. “Both have hundreds of millions of debts, and both are financed from the black money, the origin of which is not established.” He further claimed that the reports of the audit companies are “not objective” and that they cannot be trusted.
Transparency International – Georgia (TI-Georgia), a watchdog, said in its October 1 report that Imedi TV has long relied on preferential loans from companies linked to Ivanishvili, and his Cartu Group, as well as companies tied to GD allies and businesses.
The watchdog reported that Ivanishvili has been financing Imedi TV through his companies “at least since 2018.” At the end of 2022, Imedi owed at least GEL 61 million (approximately USD 23 million) to Ivanishvili, with total debts to Ivanishvili-related companies reaching GEL 164 million (approximately USD 61 million). TI-Georgia added that Imedi’s financial reports state that creditors do not demand repayment, protecting the channel from bankruptcy.
Among the creditors identified are JSC Bank Cartu and Cartu Group, both of which, the watchdog said, are controlled by the Ivanishvili family, as well as Wenigen Management Limited, an offshore company tied to Ivanishvili. Another major lender, Amber LLC, is also suspected of links to him.
In September, the Dutch investigative journalism outlet Follow the Money likewise reported that Imedi had received “direct loans” from Ivanishvili, describing it as “Georgia’s propaganda channel” with “deep ties” to the pro-Russian billionaire.
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