HT Media & Time of India Group signs MoU

HT Media Ltd has announced that The Times of India Group & the Company have signed a memorandum of understanding (MoU)(Subject to Board approval) October 03, 2006 to establish a 50:50 Joint venture.

The joint venture will function as a standalone business and has been established to publish a new and vibrant newspaper in Delhi, reflecting the changing needs of the reader and the emergence of Delhi as an International city. The joint venture will draw strength from the competencies of both Groups, allowing them to work together to efficiently grow an exciting and nascent market.

Mrs. Shobhana Bhartia, Vice Chairperson of the Company said: "We are pleased to collaborate with BCCL on this value creating opportunity which reflects our commitment to delivering Highly relevant editorial content. We believe that the new paper will give advertisers an opportunity to engage the reader on an unprecedented level."

The Company is a leading Indian multimedia group whose flagship Hindustan Times newspaper was inaugurated by Mahatma Gandhi in 1924. It also publishes the Hindustan (Hindi paper) and will shortly launch FM radio stations and a daily business newspaper in key Indian metros.

The Times of India Group is India’s largest media house, with leading newspaper, magazine, radio, Internet and television brands. The Group also has a significant presence in music, filmed entertainment, events, out of home advertising, multimedia, etc.

Source : Equity Bulls

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