Mid-Day Multimedia has revealed its plans to expand its reach beyond Mumbai, Delhi and Bangalore and have a national presence with the launch more editions. The company has also taken concrete steps to raise funds for this expansion. According to Manajit Ghoshal, Chief Financial Officer, Mid-Day Multimedia, the source of funds would be both domestic and foreign investors.
Though Ghoshal preferred to keep mum on the amount of money that would be raised, he did inform exchange4media, “Mid-Day is planning to launch further editions in the coming year, and in order to facilitate this expansion plan, the company has been looking at various sources and structures to raise funds. The company has now identified the path to be taken to raise these funds and has decided to transfer the print and Internet businesses to a new wholly-owned subsidiary called Mid-Day Infomedia, which will now run these businesses. The funds for expansion will be raised in this new company.”
There have been some speculations in the media regarding the proposed structure of Mid-Day Multimedia and its move to sell off its business. In order to put all rumours to rest, the company had recently released a press note that clarified, “There is no move to sell off the business by the promoters as has been reported in some sections of the Press. We wish to reassure all our readers, stakeholders and customers that this is just a framework / internal arrangement / structure to raise funds to take Mid-Day to new heights.”
Meanwhile, on the marketing front, Mid-Day continues to target the Yumpi – the young, urban, mobile professional across India, and plans to adopt the same marketing strategy for its upcoming editions.