Prepared by Messenger Staff
Formula TV Ownership Shifts as Co-Owner Transfers Shares for 1 GEL
Davit Kezerashvili, the co-owner of the Georgian opposition TV channel Formula, is transferring 26% of his shares in the company to Zurab Gumbaridze, the channel's general director, for a symbolic price of 1 GEL.
Gumbaridze, who already owns 12.25% of the company, applied to the Public Registry on February 7 to formalize the change in ownership. Once the transfer is registered, the new distribution of Formula TV's shares will be as follows:
Zurab Gumbaridze - 38.25%; Freedom Formula - 25%; Mikheil Mshvildadze - 12.25%; Irakli Saghinadze - 12.25%; Giorgi Liponava - 12.25%
The ownership shift comes amid ongoing financial difficulties for the opposition-aligned broadcaster. In February last year, Formula TV scaled back its operations, cutting entertainment programming to focus solely on news and analysis. The financial strain also led to staff reductions.
In 2023, Kezerashvili announced that he would give up control of the Formula TV company and transferred 25% of his 51% controlling stake to TV management and journalists for a symbolic 1 GEL, with the remaining share to be transferred in full after the end of the "oligarchic rule."
Kutaisi Court Fines Protesters Over Rally at Judge's House
The Kutaisi City Court has fined nine individuals 5,000 GEL each for participating in a 30-minute protest rally in front of a judge's house, condemning the imprisonment of journalist Mzia Amaglobeli. The protest took place on January 26 at the residence of Judge Malkhaz Okropirashvili, who had declined to review Amaglobeli's appeal for a change in preventive measures a day earlier.
Judge Tsitsino Mosidze ruled that the protesters had violated the law by staging the demonstration. The Ministry of Internal Affairs (MIA) had requested that all participants be found guilty and penalized.
During the hearing, the defense argued that the gathering was symbolic and did not pose a threat or create discomfort for residents. Lawyers also questioned why law enforcement officers present at the scene did not warn the protesters of any legal violations. The MIA representative countered that such a warning would not have altered the fact that the alleged offense had already been committed.
