TV “Formula” was registered in the Public Registry on 22 July, 2019. TV “Formula” was founded by the team of “Formula Creative” after the TV company “Rustavi 2” was handed over to Kibar Khalvashi, and Paata Salia was appointed as the Director. After this decision, some employees of “Rustavi 2” left the channel, some joined “Formula,” while others joined “Mtavari Channel.” Initially, the owners of the company were Mikheil Mshvildadze, Irakli Saghinadze, Zurab Gumbaridze and Giorgi Liponava, each holding a 25% share. In September 2019, Davit Kezerashvili, former Minister of Defense, became the owner of the controlling share (51%) of the company. Notably, a criminal case has been initiated against Kezerashvili, which is considered to be politically motivated by the local non-governmental organizations.
The TV company started broadcasting on October 1, 2019. The channel has a general television broadcasting authorization. “Formula” is of a donatory nature and mainly operates at the expense of the owner’s donations.
In April 2023, after the BBC investigation linked Davit Kezerashvili to the so-called “call-centers case”, a global fraud scheme, he refused the controlling package of TV company “Formula” and handed over half of his share to “Freedom Formula” - a team comprised of “Formula’s” employees. According to the latest update, “Freedom Formula” owns 25% share, Kezerashvili - 26%. In August 2023, information about the creation of the “Formula” supervisory board appeared in the registry of non-entrepreneurial legal entities, which is composed of channel employees (Sofio Britanchuk, Nino Zhizhilashvili, Irakli Saghinadze, and Giorgi Liponava).
The TV company “Formula” pursues an editorial policy critical of the ruling party and its activities. Notably, the government cabinet and party “Georgian Dream” representatives boycott the channel and do not participate in the live broadcasts.
The TV company "Formula" conducts an editorial policy critical of the ruling party and its activities. It should be noted that members of the government cabinet and representatives of the "Georgian Dream" boycott the channel and do not participate in the live broadcast.
Due to their professional activities, journalists of “Formula” have repeatedly become targets of attacks. A notable example is the physical attack on Vakho Sanaia, the news anchor of “Formula”, in 2021, and on Mikheil Mshvildadze, one of the founders and hosts of “Formula,” in 2023. The mentioned cases were assessed as an attempt to suppress media freedom and hinder journalistic activities by the local non-governmental organizations.
July 27, 2023 - Director - Zurab Gumbaridze; Mikheil Mshvildze - 12,25%; Irakli Saghinadze - 12,25% ; Zurab Gumbaridze - 12,25%; Giorgi Liponava - 12,25%; David Kezerashvili - 26%; N(N)LI "Freedom Formula" - 25%;
September 3, 2019 - David Kezerashvili - 51%, Mikheil Mshvildadze - 12.25%, Irakli Saghinadze - 12,25% ; Zurab Gumbaridze - 12,25%; Giorgi Liponava - 12,25%
The income of “Formula” in 2022 was 35,675,920.17 GEL, of which the largest source is non-broadcasting income. In addition, in the first quarter of 2022 “Formula” received 1 091 825.66 GEL from advertising, in the second quarter 1 012 798.76 GEL from commercial advertising, in the third quarter - 564 122.75 GEL, and in the fourth - 954 669.69 GEL.
According to the report on the media coverage of the 2020 parliamentary elections by the “Charter of Journalistic Ethics of Georgia,” “Formula” is critical towards the government, and the channel covers Bidzina Ivanishvili and the activities of the ruling party in a particularly critical manner.
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