The New York Times Co. intends to buy a 5% stake in Sieger Solutions, an advertising arm of India-based newspaper publisher Deccan Chronicle Holdings Ltd.
If the deal goes through, DCHL will print its Financial Chronicle in association with the Times-owned International Herald Tribune, the Indian publisher announced in a filing with the Bombay Stock Exchange on Friday. That would include a daily four-page section from the Tribune in the Indian financial newspaper.
The sale, the value of which has not been disclosed, will also be subject to statutory approvals and respective board approvals, the filing stated.
The publisher’s Deccan Chronicle is one of India’s most widely circulated English dailies in competition with The Hindu and The Times of India.
DCHL, which is based in Hyderabad, had sales of 5.9 billion rupees — $138 million — in 2007, with net profits of 1 billion rupees — $23 million — between October and December. Within the same three-month period, the publisher announced a plan to divest 24% of its Sieger Solutions.
Source: Crains Newyork