Network18 and Jagran Prakashan Ltd (JPL), publisher of ‘Dainik Jagran’, have announced a 50:50 joint venture initiative in the business print space. The primary mandate of this JV is to launch a Hindi business daily in 2008. Subsequently, this would be followed by other Indian language dailies focussed on financial and economic news.
This JV will create a new category of local language business dailies within the Indian print space as this will be the first Hindi business newspaper to hit the market nationally. This venture also marks an expansion of print offerings from Network18 into the dailies space, following the recent announcement of its magazine publishing arrangement with Forbes media and ownership control of Infomedia. This venture is also a reiteration of JPL’s intent and commitment to provide its readers news and information in all genres.
The venture has been positioned to benefit from the respective competencies of TV18 and Jagran Prakashan.
Dainik Jagran had recently launched youth-oriented compacts – ‘I-Next’ and ‘City Plus’. TV18 shall bring forth its expertise in business content to the JV, while JPL shall bring forth its print competencies, including operational expertise, print and related infrastructure and distribution to the venture. Both TV18 and JPL have agreed to co-promote the offerings under the venture and exploit cross platform synergy opportunities present from both sides.
Mahendra Mohan Gupta, CMD, Jagran Prakashan Ltd, said, “Our leadership in the Indian print space will be further strengthened with the launch of business dailies. This venture is based on a commonness of vision we share with TV18 on a strong need for a high quality business print offering in Hindi and other languages. Our experience in the language media space has revealed a growing interest in specialised business news and information, which this vehicle will enable us to cater. I am confident that we will live up to the expectations of our readers and expand the financial market in the geographies that are going to play a crucial role in the economic growth of the country in times to come.”
Raghav Bahl, MD, Network18, said, “The fact that ‘Bharat’ is rapidly emerging as the key driver of the Indian economic opportunity is fairly evident. In recent years, business audiences have grown immensely in the Hindi heartland and regional markets, reflecting a democratisation of enterprise and wealth creation across the nation. The leadership of CNBC Awaaz is a strong affirmation of this new reality as well as indicative of a great need for language products across the business media spectrum. We are delighted to partner Jagran Prakashan as it will allow us to fulfill this need powerfully in the print space by combining TV18’s strengths in business content with Jagran’s intimate understanding of print markets.”
The JV will be governed by a board comprising representatives of TV18 and Jagran Prakashan, which will oversee management plans and execution. The operational specifics in terms of the name of the business daily, selection of the editorial and business team and so on is in the process of being formalised. The JV will be funded through an initial equity infusion from both sides, followed by internal accruals and debt financing at a later stage.