Founded and managed by journalist Oleg Cristal, a former advisor to oligarch Vladimir Plahotniuc, Telestar Media SRL has become a major player in the Moldovan media market. Shortly after its registration, the company took over two television channels - Canal 2 and Canal 3 - along with their broadcasting licenses from General Media Group Corp. SRL, which remained under Plahotniuc's control. In spite of their impact on the news industry, either channel employed a single man during 2017-2019, filing their annual reports for losses only.

Telestar Media had been repeatedly slapped with fines and formal warnings from the Audiovisual Council for violating the Code of Audiovisual Media Services, such as breaching the principles of impartiality, balance, and free opinion building during news programs and debate shows.

In September 2019, Telestar Media closed Canal 2. The company’s nominal owner, Oleg Cristal, explained that “heavy pressures had been exerted on the channel and on its affiliates at General Media Group,” asking the authorities to give Canal 2’s license back to its previous holder - the Romanian Television Society, which used to broadcast TVR programs in Moldova.

In early 2020 Telestar Media changed hands: Oleg Cristal dropped his status of owner and administrator in favor of Lilian Bustiuc.