Mid Day Multimedia has got yet another stakeholder. This time it is the Indian Express that has picked a 10 per cent stake in the organisation. A similar development was seen last year when Bennett, Coleman & Co increased its stake in the publication to 7.82 per cent.
Confirming the development to exchange4media, Indian Express sources said, "This is a financial investment made by one of the Express group companies that is Indian Express. We have agreed to purchase 10 per cent stake in Mid Day Multimedia. We already have mutual cooperation with the group in other areas and this is just taking that relation further."
Mid Day shares have been in the news since October 2004, when Bennett, Coleman & Co bought 6.15 per cent of the company stock (in addition to 1.67 per cent stake earlier) through its financial company BanHem Financial Investment Consultancy Ltd.