Earnings: HT Media Looking For More Internet Acquisitions; Go4i.com Demerger
By Nikhil Pahwa - Thu 17 Jan 2008 09:33 PM PST
Not much on the digital front from HT Media, in their Q3 earnings (quarter ending Dec 31st). During the quarter, the company acquired Desimartini.com through its wholly owned subsidiary Firefly e-Ventures, and made an investment of Rs. 3 crores in the Equity Share Capital of Firefly e-Ventures. Apparently, more acquisitions are on the anvil: the company “plans to aggressively explore inorganic opportunities to drive growth.”
As has been stated by the company in the Q2 earnings release, the company intends to expand its classifieds internet business, and will set up portals for Jobs, matrimonial and real estate. On the jobs front, though not mentioned in the earnings statement, we know that they’re working with Israeli firm Red Match. A mention of Hindustantimes.com ("has received an encouraging response") and Livemint.com ("continues to expand its product offerings & user base")...but that’s it. There’s also a mention of the demerger of Go4i.com and shareholders and creditors: 22,600 shares of HT Media (face value of Rs. 2 each) shall be allotted to Go4i Shareholders, pending approval. Go4i.com was launched during the last dot com bubble, with Chase Capital Partners and HT Media holding 38 percent each, and the HDFC Group holding 8 percent. The company was launched with a reported initial investment of $15 million, and there were plans for other portals - go4career, go4cricket, go4ticket.com etc. More on Go4i.com at the Hindu and Startup Avenues.
Earnings Release (zip)
Posted in: Companies, HT Media, Earnings
