Global Courant 2023-05-04 09:00:00
NEW DELHI – Mr Samir Jain and Mr Vineet Jain, who jointly control one of the largest media conglomerates in India, have entered into talks with financiers to fund a break-up of the Times Group, according to people familiar with the matter.
The brothers have worked to broker the sprawling group that controls Bennett Coleman & Co, which runs the country’s largest newspaper, The Times of India, and the financial daily The Economic Times, into a brokered partition between them over the past year. digging, the people said. , asking not to be named as the information is not public.
The money raised will be used by the brother who gets the newspaper publishing company, the largest by revenue, to pay the other after offsetting other assets received, they said.
Revenues in India’s media and entertainment sector will reach Rs 2.3 trillion ($37 billion) by 2024, with television, digital channels and print expected to be the largest contributors, according to data compiled by Ernst & Young . The Times Group has a strong presence in the three segments and also has interests in companies operating in industries ranging from real estate to e-commerce.
The lines of financing under discussion will, according to people, be backed by the group’s assets and cash flows. After the split, the brothers could consider bringing financial investors into their units, they said.
Mr. Samir Jain, Mr. Vineet Jain and representatives of the group did not respond to emails and text messages requesting comment about the division and funding discussions.
Talks about the split are still ongoing and no final decision has yet been made on which assets will go to each brother, they said. The Morning Context had previously reported the distribution plans. Privately owned Bennett Coleman also owns television channels, including Times Now and ET Now. BLOOMBERG
