|
|
|
|
MUMBAI:
Confirming a news report earlier put out by Insearchindia.com,
the $35 billion Aidtya Birla Group has acquired 27.5 per cent stake
in
Living Media India (India Today Group) through its private investment
company.
The
transaction is the second high financial investment by a big
corporation
in the booming Indian media and entertainment industry
this year,
the other being the Reliance-Network18 deal.
The
financial services-to-telecom and retail conglomerate did not
disclose
the amount it would be paying for the stake purchase.
“The
media sector is a sunrise sector from an investment point of view.
I believe that Living Media India offers one of the best opportunities
for growth and value creation," said Aditya Birla Group chairman
Kumar Mangalam Birla. |
|
|
|
|
|
The
Birla Group will, thus, enter the media sector with a presence across
print, publishing, television and radio.
Living
Media owns and operates English weekly magazine India Today,
business
magazine Business Today, English news channel Headlines Today,
Hindi
news channel Aaj Tak and radio channel Oye FM, among others.
"I
am delighted to partner with the Aditya Birla Group to aggressively
address the current and future potential of the Indian media business
which is at a tipping point. The Aditya Birla Group with its strong
leadership, global footprint, diversified business interests and
its shared
values of integrity, commitment and social responsibility
make it a
perfect fit with the India Today Group," said India
Today Group chairman
Aroon Purie.
Aroon
Poorie, the promoter of India Today Group, holds 57.38 per cent
stake in TV Today Network as per information on 5 March 2012. |
|
No comments:
Post a Comment