Rising newsprint costs seems to have taken its toll. Jagran18 Publications Ltd, the joint venture between Jagran Prakashan Ltd and Television Eighteen India Ltd, has decided to put on hold the proposed launch of business paper in regional languages. Jagran18 Publications on September 1 informed the BSE that due to ‘prevailing market conditions the board has decided to defer the launch of business newspaper in regional languages’.
In an official statement, RK Agrawal, Chief Financial Officer Jagran18 Publications, said, “The company’s Board has reviewed the launch of business paper in regional languages and given the prevailing market conditions, the Board has decided that it is prudent to defer the project.”
Sanjay Gupta, CEO, Jagran Prakashan, said, “Market conditions are not conducive for the launch hence, we have decided to postpone the launch. The reasons for the same are high newsprint cost and low advertising in the print industry.”
From this it is understood that economic slowdown is taking a toll on media companies as well, who have chalked out massive expansion plans.
Broadcaster TV18 and Jagran Prakashan, the publisher of Dainik Jagran, had announced a 50:50 joint venture initiative in the business print space in December 2007. Christened Jagran18 Publications, the primary mandate of this JV was to launch a Hindi business daily in 2008. Subsequently, this would have been followed by other Indian language dailies focused on financial and economic news.
Network 18, Jagran Prakashan form JV for launching Hindi business daily