Value TV sold for Rs. 180 million
Value TV, Pakistan’s only property channel has been sold off for Rs 180 million to former Town Nazim of Lahore following a severe financial crisis.
The buyer, Faraz Ahmed Chaudhry, who was Town Nazim of Gulberg Lahore during the Musharraf era, has taken charge of the channel.
Termination notices have been served on the employees since the new management will hire new employees, an insider told Journalism Pakistan.
Value TV had been facing financial constraints for the last one year. The channel went for downsizing some four months ago but could not steady the ship.
Pakistan media is facing serious financial problems for the last few years and a lot of big ventures are in seeming trouble.