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India Today plans to buy stake in Reader’s Digest

India Today plans to buy stake in Reader’s Digest

Author | exchange4media News Service | Monday, Jul 08,2002 7:26 AM

India Today plans to buy stake in Reader’s Digest

The India Today Group is negotiating with the Tata-owned RDI Print & Publishing to buy out the Reader’s Digest magazine business from the company.

Operating under a license arrangement with the US-based RD Association Inc for the last many years, Reader Digest India is a profitable company with a circulation of close to 400,000 copies in India and Nepal. On a turnover of about Rs 20 crore, Reader’s Digest profits are close to Rs 4 crore.

In India, Reader’s Digest shares are held by Titan Industries, Tata Infomedia and a few other investment companies of the Tata group.

According to sources, Aroon Purie, promoter, India Today, had been in talks with Reader’s Digest for a long time. Reader’s Digest also confirmed that the India Today Group was talking to them.

According to industry analysts, in case the Tata’s sell off Reader’s Digest, it would involve selling the company’s assets and database to the new owner as well as transferring the licence acquired from the US company to publish the magazine in India. Currently, Reader’s Digest is printed at Thomson Press.

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