Rustavi 2 owner decides not to sell TV channel after auction expiration

New Rustavi 2 owner Kibar Khalvashi has decided not to sell the TV station, and instead will try to bring the channel out of debt. 

Given a real buyer of Rustavi 2 has not appeared, I have decided not to let Rustavi 2 go bankrupt, and for this I will use all my resources and possibilities”, Khalvashi announced yesterday evening. 

Khalvashi said that the company will become commercially viable and profitable, and that it will not be burdened by political or other obligations, noting that:

My first duty is to liberate Rustavi 2 from [former Georgian president] Mikheil Saakashvili, return it to the service of the public and regain trust. Rustavi 2 should be critical and sharp, but at the same time maintain high professional and ethical standards”, Khalvashi said, adding that "Rustavi 2 will soon be financially and politically independent, with truly independent journalists.” 

Rustavi 2 is currently facing serious financial issues, and is more than 70 million GEL (about $23.95 million/€21.58 million) in debt. 

• New Director General says Rustavi 2 faces financial problems

Khalvashi blames former Rustavi 2 director Nika Gvaramia for the channel’s financial situation, and claims the latter “artificially reduced the revenue of the company and maximised its operating costs.”

Kibar Khalvashi was made the full shareholder of Rustavi 2 back in mid-July after the European Court of Human Rights handed down a verdict related to the Rustavi 2 ownership dispute, which dates back to 2014.  

• Rustavi 2 registered in former owner Khalvashi’s name following ECHR’s verdict

One month later, Khalvashi announced that he was selling the channel, and announced that interested buyers had one week to place bids for the channel.