Nara Lokesh buys StudioN

 Mr Lokesh Naidu, son of Telugu Desam president, Mr N. Chandra-babu Naidu, has acquired the StudioN Channel ow-ned by his uncle, Mr Narne Srinivas, and is in the pro-cess of giving it a new face.

Much is being read into this as Mr Jagan Mohan Reddy, son of YSR, entered politics after launching his TV channel, Saakshi. Mr Lokesh, after returning from the US where he obtained an MBA from the Stanford University, has been playing an active role in managing the family-owned Heritage Company.

Sources said he is interested in news media and acquired the low-rated StudioN and had appointed his friend in the US, Mr Abheeshth, as the CEO.

Mr Lokesh has gone in for a total makeover of the channel by hiring fresh faces and bidding adieu to some existing staffers. He is also planning to change the name of the channel. Sources said Mr Naidu’s son has pumped in Rs 40 crore to refurbish the channel, but all the money transactions between him and Mr Srinivas are a secret.

Mr Srinivas said that his nephew has been showing an interest in news channels, but “nothing has been decided so far.” “It’s true that Mr Abheeshth was brought in as CEO, but it was I who appointed him,” said Mr Srinivas, who didn’t deny or confirm the acquisition of the channel by Mr Lokesh.

However, Mr C.M. Ramesh, TD politburo member, has confirmed Lokesh’s participation in the news channel. “There is nothing wrong in his showing a keen interest in running a channel professionally,” he said.