Rajeev Chandrasekhar, the mobile phone baron turned media entrepreneur, is spreading his news media presence wings some more in the South.
After buying Asianet News in Kerala and launching Suvarna News in Karnataka, the Rajya Sabha member is about to obtain controlling stake in Kannada Prabha, the Kannada daily owned by the New Indian Express group.
“Consultations are at a final stage for the deal between Mangalam daily and Asianet News, which may turn out as a big financial breather for the cash-strapped Mangalam group of publications.
“The idea is to float a joint stock venture with a common banner and bring the daily, which claims a fourth position in the regional language circulation-wise, and its future development under the new company.
“Though the Mangalam group was reportedly angling for a Rs 100 crore through the deal, Asianet News is willing to spare only Rs 20 crore plus for the JV. As per the proposal, various other publications of Mangalam will be retained by the old company…. The editions of the Mangalam daily, currently at five, is likely to be doubled as part of the revamp.”
There is also plenty of buzz in the market that Rajeev Chandrasekhar is contemplating the launch of a web venture and an English news channel directed at markets in the South.
Link via Ramesh P.
Illustration: courtesy The Telegraph
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