By the way, the intermediate company of the "Armenia" TV company, "Panarm" LLC, is in turn listed as an intermediate company of "Armenia TV" CJSC. "Panarm" LLC was founded in 2011. It was previously called "Panarmenian Media Group", but in June 2012 it was renamed "Panarm" LLC. In 2004 was the opening of "CS Media City" (also known as "Armenia" media holding), which included TV companies "Armenia," "Armnews," "TV-5," radio station "FM 10," and other companies. Media reports indicate he was also the owner of "TV-5" (currently not operating).

According to media sources, Sargsyan had connections to Armenia's second President Robert Kocharyan. After Kocharyan left office, the brothers moved to the United States, where they founded USArmenia TV and co-founded the Armflix platform for Armenian media content.

In response to a request from the “Armenia” TV Company, they stated that the founder of the TV company is “Panarm” LLC. “Panarm” LLC was founded in 2011, later than the establishment of “Armenia TV” CJSC (founded in 1998).

The founders of "Panarm" LLC are Bagrat Artashes Sargsyan and Robert Hovhannisyan, each holding 50% ownership at the founding. From 2014 to 2019, Bagrat Artashes Sargsyan owned the "A-TV" channel. We were unable to identify him.

Robert Hovhannisyan co-founded "Panarm" LLC in 2011 with Bagrat Artashes Sargsyan, each holding 50% ownership at founding. According to Armenia TV's response to inquiry, "Panarm" LLC is listed as the television company's founder.

Hovhannisyan has been the 100% owner of Armenia TV CJSC since 2018, according to the State Register of Legal Entities. He also serves as the creative development manager of Armenia TV. Since 2019, he has owned "Radio-PRO" LLC, which operates Radio Jan radio station.

Hovhannisyan is the brother-in-law of Artur Janibekyan, founder of Russian "Comedy Club Production." In 2019, Panarmenian Media Group announced that Armenia TV and Radio Jan were owned by the Janibekyan family, though legal records show Hovhannisyan as the registered owner.

According to media and journalistic organizations, from 2001 to 2010, Gerald Cafesjian also owned a 50% stake in the television company. Gerald Cafesjian is an American-Armenian businessman who has made major investments in Armenia, such as the restoration of the Cascade complex. He also founded the American-Armenian lobbying organization for US-Armenia Public Affairs.

Media reports from 2010 indicated that Cafesjian's stake had passed to Mikael Minasyan, first deputy head of the presidential staff and son-in-law of then-President Serzh Sargsyan.

It should also be noted that “Panarm” LLC, the founder of “Armenia” TV company, is an intermediary company of “PAMG” CJSC. The latter was founded in 2001. From 2002 to 2012, this company was called “CS” CJSC and, according to media publications, belonged to the Gafesjian family. Since 2012, it has been renamed “Panarmenian Media Group” CJSC, abbreviated as “PAMG” CJSC.

Artur Janibekyan is an Armenian television producer and media manager currently residing in the Russian Federation. He was a member of the "New Armenians" team in Russia's "Club of Cheerful and Resourceful People" (KVN) created in 1994. In 2003, he co-founded the "Comedy Club" show broadcast on TNT channel. "Comedy Club Production" was established in 2007.

Janibekyan produced several Russian television projects including "Univer," "Interns," and "Sasha Tanya." From 2015 to 2018, he headed the entertainment TV channels sub-holding of Russia's Gazprom-Media Holding.

He holds a stake in "Jazzve" LLC, founded by former Armenian Ambassador to the Vatican Mikael Minasyan.

Mikayel Minasyan is the son-in-law of the third President of Armenia, Serzh Sargsyan. Minasyan has held a number of positions. From 2005 to 2013, he was the Consul of the Republic of San Marino in Armenia. From 2007 to 2008, he was the Assistant to the Prime Minister, and from 2008 to 2012, he held the position of First Deputy Chief of Staff of the President. From 2013 to 2018, he was the Ambassador of Armenia to the Vatican. In parallel, from 2017 to 2018, he was the Ambassador of Armenia to the Republic of Portugal. As a result of the anti-government protests that began in Armenia in 2018, Serzh Sargsyan resigned from the post of Prime Minister of Armenia on April 23. Mikayel Minasyan was later recalled from the post of ambassador. The former ambassador left Armenia. A criminal case has been initiated against him on charges of money laundering. Minasyan began publishing video messages from abroad, in which he criticized the activities of the current authorities.

Until 2019, Armenia TV was part of the Panarmenian Media Group. It included the television companies Armenia TV, A-TV, ArmNews, Panarmenian TV (USA), the websites tert.am and blognews.am, and the radio stations Radio Jan and Lav Radio. According to press reports, the real owner of Panarmenian Media Group was the former Ambassador of Armenia to the Vatican, Mikael Minasyan.

In 2019, the organization ceased its activities as a media entity. The statement released on this occasion stated: 100% of the shares of the "Armenia" TV company are already owned by the family of Artur Janibekyan, the founder of the Russian "Comedy Club Production". Robert Hovhannisyan is the brother of Artur Janibekyan's wife. According to the State Register of Legal Entities, since 2018, 100% of the shares of the TV company belong to Robert Hovhannisyan.