The Communications Commission has issued a written caution to Adjarasport.tv for the sale of shares without the Commission’s prior approval. The case concerns the 3 March 2024 transaction that changed the mid-level beneficiary ownership of Adjarasport.tv. Specifically, a change was made in the founding document of Adjara.com, which owns 100% of Adjarasport.tv, with company partner City Loft being replaced by P.A. Holding as the owner of 100% stake. The Communications Commission was informed about this change on 6 August 2024.

According to the Georgian legislation, the Communications Commission must be informed about any intended purchases of shares, stakes or operating assets prior to the changes being made. The duty of notification rests with the authorised entity that participates in the merger or whose stake, shares or operating assets are being acquired, and the Communications Commission must give prior approval of the change.

Due to the fact that Adjarasport.tv failed to inform the Communications Commission in accordance with the law about the intended sale of its beneficiary owner’s stake, and consequently failed to obtain prior approval for this transaction, the company violated the Law on Electronic Communications and was issued with a written caution by the Commission.