India’s leading publisher Bennett, Coleman & Company Ltd (BCCL) has reached an understanding with the US major Dow Jones to launch an Indian edition of the well-known financial daily, The Wall Street Journal.
Top sources in BCCL confirmed that the memorandum of understanding was signed a few days ago.
The agreement states that a joint venture company, WSJ India, will be set up in which Dow Jones will have a 26 per stake with BCCL holding the remaining 74 per cent.
Times Group sources said while the content and editorial would be controlled by Dow Jones, the paper was expected to have an Indian editor.
“The Times group will not share any of its resources with WSJ except for handling its printing and distribution in India,” said the Times source. Times, however, is also expected to sell advertising space for WSJ on commission.
The Times executive said: “For BCCL it made sense to have an international brand in its portfolio.”
The deal is believed to have been negotiated by Suman Dubey, Dow Jones’ representative in India.