Bol Network, a prominent media company, revealed on Monday that it had been acquired by AsiaPak Investments, a private equity firm, ushering in a new era under fresh leadership.
In an press relase, Bol Network affirmed its commitment to remaining headquartered in Karachi while expanding its presence across the nation. Notably, AsiaPak Investments maintains offices in key cities such as Karachi, Lahore, and Islamabad, focusing exclusively on investments within Pakistan. Their investment sectors encompass infrastructure, energy, power, transport, logistics, and technology.
The newly appointed Chairman and Chief Executive Officer (CEO) of Bol Network is Sameer Chishty, a distinguished figure in international technology investment across Asia and the Middle East. Chishty expressed his enthusiasm for the ever-evolving landscape of digital technologies, artificial intelligence, and telecommunications, which are significantly impacting various facets of the media industry, including content creation, news, entertainment, gaming, music, education, communication, and community-building.
Drawing from his extensive experience as a general partner at SparkLabs Group, where he has invested in over 500 technology companies across China, Korea, Saudi Arabia, and other nations, Chishty highlighted the transformative potential of these technologies in improving lives, reshaping societies, and fostering economic growth. He emphasized Bol Network’s commitment to making these opportunities accessible to all Pakistanis.
Chishty also emphasized Bol’s vision of empowering users to actively engage with their communities on issues of significance. He envisioned a platform where voices would be heard, knowledge would be shared, and collective progress would be achieved. Bol Network invited its viewers, advertisers, employees, and prospective team members to join them in this mission.
Bol Network’s journey has been marked by challenges. Originally slated for launch in 2015, the network’s plans were derailed when its parent company, Axact, became embroiled in a fake degree scandal. In August 2015, ARY Digital Network’s Founder and CEO, Salman Iqbal, had announced the takeover of Bol Media Network. However, due to legal proceedings and delays, Bol’s TV channel finally went on air in October 2016.
Shoaib Shaikh, the network’s original owner, faced legal consequences as well, with his conviction in 2018 along with 22 others in the fake degree case. Bol Network now looks forward to a new chapter under the leadership of Sameer Chishty, poised to leverage the potential of emerging technologies for the benefit of the Pakistani audience.
