Mumbai: HT Media Ltd on Tuesday said it has signed a memorandum of understanding (MoU) with the Times of India Group to publish a newspaper in Delhi in a 50:50 joint venture.
"We are pleased to collaborate with Bennett and Coleman Company Limited on this value-creating opportunity, which reflects our commitment to delivering highly relevant editorial content. We believe that the newspaper will give advertisers an opportunity to engage the reader on an unprecedented level," said HT Media Vice Chairperson Shobhana Bhartia.
The joint venture would function as a stand-alone business, HT Media informed the Bombay Stock Exchange. It would draw strength from the competencies of both groups, allowing them to work together to efficiently grow an exciting and nascent market, it added.
HT Media would shortly launch FM radio stations and a daily business newspaper in key metros of the country. The MoU for the Delhi newspaper would be subject to shareholders approval, it added.
The Times of India Group is a leading media house, with newspaper, magazine, radio, Internet and television brands and has a significant presence in music, filmed entertainment, events, out of home advertising and multimedia.
Shares of HT Media were trading at Rs 602.30, up 2.73 per cent at the BSE.
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