Network18 founder-promoter Raghav Bahl and his wife Ritu Kapur have exited their shareholding in Network18 and TV18, The Hindu Business Line reports. Mr. Bahl ended his role as an entrepreneur in the media companies as Mukesh Ambani’s Reliance Industries has taken control of them.

“Yesterday, Ritu and I effectively ended our entrepreneurial leadership of N18 by agreeing to exit our shareholding,” The Hindu Business Line quoted from Mr. Bahl’s letter to employees of Network18.

Mr. Bahl, however, will be around to ensure a smooth transition.

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