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Network18 forges alliance with Forbes to launch business magazine in India

14-December-2007
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Network18 forges alliance with Forbes to launch business magazine in India

With Infomedia already in its stable, Network18 has some more happening for it in the print domain. TV18, a group company of Network18, is all set to launch a business magazine in India in partnership with Forbes Media. The partnership will include a content licensing arrangement and will also envisage introduction of other Forbes products, subject to regulatory approval. This partnership further enhances and complements TV18’s strong business offerings in the television and Internet space.

Commenting on this partnership, Raghav Bahl, MD, Network18, said “Our partnership with Forbes for a business magazine in India is another compelling testimony to the growing acceptance of the Indian growth story worldwide. Rapid economic expansion, change in consumer mindsets and deepening of the market economy in the country have led to an enabling environment for business brands. We will be strongly positioned to deliver a benchmark offering in the market by fusing the strong editorial and brand lineage of Forbes and our proven expertise in the Indian business media market.”

Steve Forbes, Chairman, CEO and Editor-in-Chief, Forbes, said, “India is one of the prime markets Forbes has wanted to enter for sometime. We were waiting for the right partner and are so pleased that we have reached a partnership agreement with Network18, one of the most respected and fastest-growing media companies in India. We look forward to making Forbes available to this forceful market soon.”

Haresh Chawla, Group CEO, Network18, observed, “Forbes is an ideal partner for us as we expand our competence in the print medium and thus strengthen our position as one of India’s leading full-play media conglomerates. India’s readership potential is yet to be fully tapped and as the market evolves, credible and strong brands will succeed in the print space. With our experience in business media as well also our ability to deploy global media brands successfully in the Indian market, we are confident of an enriching association with Forbes.”

Chawla further said that there was “a lot of opportunity for value creation in this partnership by unleashing cross-platform synergies and developing a roster of market leading offerings in the coming years. The addition of Forbes will further energize our business portfolio which already commands leadership through CNBC-TV18 and CNBC AWAAZ, Newswire18 and web offerings such as moneycontrol.com, indiaearnings.com.”

William Adamopoulos, President and Publisher of Forbes Asia, commented, “As the world’s foremost champion of entrepreneurial capitalism, we at Forbes are excited to partner with the accomplished media entrepreneurs at Network18 to bring the Forbes brand and style of journalism to India -- home of many of the world’s greatest entrepreneurs. This partnership in India complements and builds upon our existing Pan-Asia network of Forbes Asia, Forbes China, Forbes Korea and Forbes Nihonban.”

Currently, TV18 operates business channels CNBC-TV18 and CNBC Awaaz, besides Newswire18 and a host of web properties like moneycontrol.com. The partnership with Forbes will bring in strengths in the print space and will synergise with its television and new media properties. It will also complement TV18’s recent acquisition of Infomedia, which is India’s leading player in the publishing space with several magazines.

Forbes magazine is a business brand celebrating 90 years of existence this year. In recent years, Forbes magazine has increased its international presence with highly successful titles such as ‘Forbes Asia’ and licensed local language editions such as ‘Forbes China’, ‘Forbes Russia’ ‘Forbes Arabia’ amongst others.

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