Bol TV has been bought out by ARY News. The confirmation for the news arrived from Mubasher Lucman and Waseem Badami. In around two hours, all employees will be addressed by Shoaib Sheikh from jail.

All of the news heads, bureau chiefs and executives of Bol TV has been summoned to Karachi but have not yet been informed of this development.

ARY TAKES OVER THE MANAGEMENT OF BOL TV!!!! — Waseem Badami (@WaseemBadami) August 18, 2015

The deal has been jointly agreed by the management of both channels and confirmation should be arriving on around two hours.

According to Lucman, a percentage formula has been agreed between both parties.

BOL TV was earlier planned for a massive launch during 2015. It had been buzzing about the change that BOL TV had planned for media industry of Pakistan with all the big guns it had hired for a long time.

However, Axact Scandal engulfed the whole company and all subsidies including BOL TV after which senior management (senior journalists) of BOL TV resigned from their positions and moved to other TV Channels.

Sohaib Sheikh, CEO of Axact and BOL TV, has time and again claimed about the state of art solution that BOL TV has employed for its transmission. With ARY News now acquiring the management of BOL TV, we will have to see how will it impact the industry as a whole.

This is a developing story and we will add more details as we get them.

Update 1

ARY News is now flashing a ticker that biggest news story of Pakistani media industry is about to be broken by ARY News in a while.

Update 2

ARY News is reporting that Salman Iqbal, CEO and President of ARY Group, has taken over the management of BOL Network.

Salman Iqbal, in his keynotes from BOL Network auditorium, confirmed the news and said that BOL TV will operate as a separate entity and will be officially launched with-in three weeks from today.

Salman Iqbal said that BOL TV will continue to work independently with its same vision and mission with only one difference that ownership has been changed now.

Mr. Iqbail said that all BOL TV employees will be retained with similar packages and facilities and in fact he announced that all pending salaries of BOL employees will be cleared immediately.