Andrnavtgazshin OJSC held a 51% share in Mo TV Media Holding CJSC in March 2000 when participating in the founding of the company.

Political figure and former Member of the National Assembly Artashes Geghamyan (1949-2024) served on the supervisory board of Andrnavtgazshin OJSC from 1991 to 1995. Geghamyan founded the Prometheus Armenian universal department store and 21st Century LLC, serving as general director of these establishments.

Sergo Yeritsyan owned 10% of the company's shares. Born in 1957, he studied at Lomonosov Moscow State University. He worked as an editor and commentator and hosted his own program at Public Television.

Yeritsyan served as a Member of the National Assembly from 1995 to 1999. On May 30, 1999, he was elected to the National Assembly from the proportional list of the Orinats Yerkir (Rule of Law) party.

An Armenian legal and political organization registered in Yerevan participated in the founding of the company with a 5% share. No information about this organization is publicly available.

Hamlet Ghushchyan participated in the founding of the company with a 10% share. He is a journalist and television host who served as head of the executive body of Academy of Television and Radio of Armenia CJSC from 2008 to 2019. This company has temporarily suspended its activities.

Ghushchyan is also the director and 49% shareholder of Closed TV LLC. Through Closed TV's YouTube channel, he conducts interviews with various political figures.

Robert Mavisakalyan (1940-2003) owned 9 percent of the shares.

Mavisakalyan was the chief editor of science and public access programs at Armenian State Radio and Television, and director of the Lraber news service. In 1990-1991, he prepared materials from Armenia for CNN.

He was a political commentator for Armenia TV from 1998-2003.

He was a member of the Ramgavar Liberal Party from 1991-2003.

Shen conglomerate participated in the founding of the company with a 15% share. It was later renamed Shen Holding CJSC. The company is now declared bankrupt.

Arthur Baghdasaryan was the sole shareholder of Gavex Group LLC, which founded H3 Television Company CJSC (later renamed Mo TV Media Holding CJSC). He is a former chairman of the Orinats Yerkir (Rule of Law) party and former Secretary of the National Security Council.

According to an investigation published by Hetq in March 2017, Baghdasaryan failed to declare companies he owned, specifically Gavex Group LLC and Hayasi Group LLC. His 2024 property declaration shows Baghdasaryan as the sole owner of Gavex Group, and his 2025 property declaration shows him as the sole owner of Hayasi Group LLC.

In 2011-2012, 15% of Hayasi Group LLC was transferred to Donthard Holdings LLC, an offshore company registered in Cyprus. The ultimate shareholder of Donthard Holdings LLC is NCA INVESTMENTS Ltd, registered in the Virgin Islands. One of the directors of Donthard Holdings LLC was Karen Sargsyan, son of Heghine Bisharyan. Karen Sargsyan also served as director of Mo TV Media Holding from February to October 2019.

Karen Sargsyan served as director of Mo TV Media Holding CJSC from February to October 2019.

Sargsyan is the son of Heghine Bisharyan, a member of the Orinats Yerkir (Rule of Law) party led by Arthur Baghdasaryan. Bisharyan served as a Member of Parliament from the Orinats Yerkir faction for two convocations: 2003-2007 and 2007-2012.

Sargsyan was also one of the directors of Donthard Holdings LLC, an offshore company registered in Cyprus. The ultimate owner of Donthard Holdings LLC is NCA INVESTMENTS Ltd, registered in the Virgin Islands.