AsiaPak Investments, a private investment firm with operational assets in Pakistan and Hong Kong, has acquired Bol Network, a leading media group in Pakistan.
The acquisition details have not been disclosed, but Bol Network will continue to be headquartered in Karachi with a nationwide presence. Sameer Chishty, a seasoned international technology investor in Asia and the Middle East, has been appointed as the Chairman and CEO of Bol Network.
In a statement, Chishty expressed his excitement about the potential of digital technologies, artificial intelligence, and telecommunications in transforming the media ecosystem, including content creation, news, entertainment, gaming, music, education, communication, and community. He emphasized the need to make these opportunities available to all Pakistanis.
Bol Network is unique among media groups as it owns its own studio production facilities. The network operates the leading news and entertainment channels for Pakistanis globally.
The acquisition by AsiaPak Investments is a significant move for the investment company as it expands its portfolio in Pakistan’s media technology and broadcast sectors.
The acquisition comes at a time when the media ecosystem in Pakistan is experiencing significant growth, driven by the increasing use of digital platforms and the rise of new media companies. The deal is expected to benefit Bol Network’s stakeholders and contribute to the infrastructure growth and capital fund in Pakistan.
Meanwhile, the Pakistan Electronic Media Regulatory Authority (PEMRA) has initiated the process to revoke Bol TV’s license. It remains to be seen how this development will impact the network’s operations and the board of directors’ response to the situation.
