Media company NDTVs shares are flying high amid speculation that the entity might be taken over by Adani Group that is looking to enter the media business through acquisition.

On BSE, the stock traded at Rs 79.65, up 9.94% as of 10.40 am.

The market has been buzzing with Adani’s entry into the media sector after Adani Enterprises inducted veteran journalist Sanjay Pugalia as the CEO and editor-in-chief to lead the group’s media initiatives.

On his appointment, Adani Group released a statement: "We look forward to leveraging Sanjay's wide-ranging experience in media, communications and branding across the Adani Group's diverse range of businesses and in our Nation Building initiatives."

Pugalia was earlier the president and editorial director at Quint Digital Media. Before that he headed CNBC-Awaaz, set up Star News in Hindi, headed Zee News and was part of the founding team of AajTak.

According to senior Journalist Gopikrishnan of The Pioneer, the speculations surrounding Adani’s entry into the media industry say that a deal worth Rs 1600 crore is finalised between the group and NDTV. As per the modalities of the deal, the current head of the company would get only Rs 100 crores and emancipation from various cases that plague the company. He further added that the major shareholders will get Rs 750 crores.

Investors also believe that the acquisition could help rebrand the company and shake off its negative image among the viewers. The buyout could also relieve the company of the chronic tax liabilities it continues to face. The Tatva could not immediately verify these speculations.