Kumar Mangalam Birla may offload minority stake in Living Media: Reports
Kumar Mangalam Birla may be planning to sell off his minority stake in Living Media, as per media reports. Birla had picked up a 27.5 stake in Living Media in May 2012. His stake current stands at around 34-35%, according to media reports
Published - 20-August-2014
Kumar Mangalam Birla, Chairman, Aditya Birla Group may be planning to sell off his minority stake in Living Media, as per media reports. He had made the personal investment in the Aroon Purie-controlled group two years ago.
Media reports further stated that Birla had picked up a 27.5 stake in Living Media in May 2012. His stake current stands at around 34 per cent to 35 per cent, according to media reports. The valuation of this stake has not been disclosed.
As reported by The Economic Times, Bank of America Merrill Lynch has been roped in by Birla to sell off his stake in Living Media.
Living Media’s portfolio includes print publications (Business Today, Cosmopolitan, Good Housekeeping, Men’s Health, Harper’s Bazaar, Travel Plus and Harvard Business Review, among others). The Group is in a JV with German media house, Axel Springer AG, for an auto magazine and an online shopping portal: Bag it today; television (Headlines Today, Aaj Tak, Tez and Delhi Aaj Tak); radio (Oye FM).