GNCC Warns TV Broadcaster Formula Over Funding Ties to Convicted Official
The Georgian National Communications Commission (GNCC) has issued warnings to TV broadcaster Formula 1 and its parent company Formula 1 Multimedia. This follows revelations of funding from Infinity CV Group CY LTD, a company linked to Davit Kezerashvili, who was convicted of embezzlement in 2008.
Formula 1 and its parent company received a total of ₾1.9 million ($660,000) from Infinity CV Group CY LTD in the second quarter of 2025. The GNCC has ordered them to cease this funding, citing a law adopted in April that defines 'foreign power' broadly to include non-Georgian entities.
Formula 1, known for its neutral news coverage, was founded by Kezerashvili and others in 2019. In 2023, Kezerashvili announced transferring half of his controlling share to the company's collective. However, the source of funding in the second quarter of 2025 remains unclear, with no information on the registration of Formula 1 Multimedia LLC. The GNCC has also warned three radio broadcasters for violating the same law.
Formula 1 and Formula 1 Multimedia must halt funding from Infinity CV Group CY LTD, following GNCC warnings and the conviction of Davit Kezerashvili. The source of recent funding and the registration of Formula 1 Multimedia LLC remain unknown.
