The big boys of India Inc are foraying into the media business . After RIL chief Ambani invested in Network 18 group , the billionaire chairman of the Aditya Birla Group, Kumar Mangalam Birla, is buying a 27.5% stake in Living Media Group, the publisher of India Today weekly magazine.
In a statement, which did not give details on the size of the deal, the AV Birla Group, which has interests ranging from metals to telecoms, said Living Media offers “one of the best opportunities for growth and value creation”
A private investment company of the group will make the financial investment in the media company.
The stake purchase marks the group’s entry into the media business. Founded in 1975, Living Media has a presence in various print formats , electronic, radio and internet . The New Delhi-based media group has partnerships with Harper Collins, Cosmpolitan, Reader’s Digest and UK’s Daily Mail. It has expanded its presence organically and through acquisitions – the group bought the Reader’s Digest magazine business from the Tata Group in 2002. “This partnership will help in addressing the current and future potential of the Indian media business which is at a tipping point,” said Aroon Purie, chairman of the Living Media group.
Source: Times of India