The News Minute | May 30, 2014 | 8.48 am ISTReliance Industries Limited’s announcement on Thursday that it would acquire Network 18, was preceded by the resignations of some of the key founders of the media house. The channel's face and Editor-in-Chief Rajdeep Sardesai, however, has not yet quit.Sources told The News Minute that Sardesai told some of the staff on Thursday night that he had not quit, but neither did he gave any assurance that he would not leave. Network 18’s Chief Executive Officer B Sai Kumar resigned on Wednesday. A day later, the group’s Chief Financial Officer R D S Bawa also resigned. The group’s Chief Operating Officer Ajay Chacko has also resigned according to Mint.According to Mint (Exits galore as RIL takes over TV18), the decision to replace the senior management and editorial came as a shock to Bahl and others during a board meeting of Network 18 on May 27. Soon, the resignations followed.Raghav Bahl, who founded the company 20 years ago, on Friday quit Network 18. According to The Hindu (Reliance to take over Network 18), he has sold his stake in the company he founded 20 years ago. His association with the company is likely to end in early July.The deal will go through Independent Media Trust, of which RIL is the sole beneficiary. RIL’ Board approved of grants worth Rs. 4,000 crore to IMT, which will acquire the stakes in Network 18 and its subsidiaries TV18 and Infomedia Press. According to Economic Times report (RIL to acquire control of Network 18 Media, to spend Rs 4,000 crore), the deal is essentially a conversion of loans that RIL gave Network 18 in 2012 into stakes in Network 18 companies. Reliance will acquire 78 percent stake in Network 18 and have 9 percent stake in TV18, according to a release by RIL.Network 18 and its broadcasting arm TV18 operate over 30 channels along with its joint venture partners like Viacom, AETN Networks and subsidiaries. The media house includes both news channels like CNN IBN, CNBC-TV18, CNBC Awaaz and general entertainment channels like Colors, MTV, Nick and History TV18.