Times of India Acquires 6.65% In Mumbai’s Mid-Day
By Sahad PV - Tue 12 Dec 2006 05:51 AM PST
The Times of India group has acquired 6.65 per cent in Mumbai-based media group Mid-Day Multimedia for Rs 21.11 crore ($4.68 million). Mid-Day will issue shares through a preferential allotment at Rs 60 per share. Both have been rivals in the Mumbai media market place, and so the deal is interesting. The alliance is expected to benefit both organisations through cooperation in printing, circulation and advertising sales.
Mid-Day is probably the largest selling and highly successful afternoon newspaper in Mumbai. The Times of India, on the other hand, brings out the largest selling morning daily and also a morning tabloid Mumbai Mirror. More details on Indiantelevision.com
Posted in: Mergers & Acquisitions, Newspapers
