KARACHI: Exactly three months after the allegations of running a `fake education empire` were levelled against the parent company of Bol TV, which lef t its management languishing in prison, the media concern was taken over by the ARY Digital Network on Tuesday in a deal the details of which are yetto be announced.

The CEO and founder of ARY Network, Salman Iqbal, in a speech to the employees of Bol TV in its auditorium of the Karachi office, said the decision to take over Bol TV was taken `to provide career security to media industry and its workers`.

The ARY management termed it a `landmark merger of the top media groups` in which `the ARY has bought Bol TV Network and took over its management` Mr Iqbal announced that he would launch Bol TV in three weeks; however, the first agenda in his mind was to clear the company`s dues.

Bol TV transmissions had been blocked on the request of the federal information ministry to the media regulatory body, Pemra, after investigations into the channel`s parent company Axact were launched over the `fake degrees` scandal in May.

Details of the management take-over of Bol by ARY have not been made public.

It is also not clear how the deal was struck when the owners and senior members of Axact, the parent company of Bol TV network, were behind bars and were being investigated by the Federal Investigation Agency (FIA) for the company`s alleged involvement in running a network of online universities to sell fake degrees, and for amassing wealth allegedly through fraudulent means.