On Monday, Bol Network revealed that it had been purchased by the private equity company AsiaPak Investments, under the leadership of a new chairman.
According to the press statement, Bol would maintain its Karachi headquarters while ensuring a ‘nationwide presence.’ It was made clear that the offices of AsiaPak Investments existed in Karachi, Lahore, and Islamabad. The statement continued, ‘It exclusively invests in Pakistan, with industries including infrastructure, energy, power, transport, logistics, and technology.’ Additionally, Sameer Chishty was introduced as the new chairman and CEO of Bol Network. Chishty was referred to as a ‘seasoned international technology investor in Asia and the Middle East’ in the news release.
In the fields of digital technologies, artificial intelligence, and telecommunications, astounding progress is being achieved worldwide. The entire media ecosystem is experiencing an impact, encompassing content creation, journalism, entertainment, gaming, music, education, communication, and community, as quoted in a press release by Chishty. As a general partner at SparkLabs Group, which invests in more than 500 technology firms in China, Korea, Saudi Arabia, and other nations, he stated, ‘I have witnessed firsthand the potential these technologies have in altering lives, reshaping cultures, and developing economies.’ These are precisely the changes that need to be made available to all Pakistanis. He continued, ‘For all of us to teach and learn, the new Bol Network promises effective methods of producing and disseminating content.’
According to Chishty, Bol will provide users with the ability to engage with their communities on issues important to them. He said, ‘Our collective voices will be heard. We can learn more, accomplish more, and be more as a group.’ Bol extends a warm invitation to all of its supporters, including viewers, advertisers, staff members, and potential hires, to join in this endeavor. The network’s TV channel was originally slated to debut in 2015; however, the idea was scrapped after the parent company, Axact, was implicated in a scandal involving bogus degrees.
Bol Media Network was eventually acquired by ARY Digital Network founder and CEO Salman Iqbal, who announced it in August 2015. After months of delays caused by legal proceedings, the TV station finally went on the air in October 2016. In 2018, Shoaib Shaikh, the network’s initial proprietor, was found guilty in the counterfeit degree case, along with 22 others.
