Analysts give the thumbs up to Jagran-Mid-Day deal
Jagran Prakashan Ltd (JPL) on May 5, 2010 agreed to buy out the publishing business of Mid-Day Multimedia Ltd in a 7:2 share-swap deal. For every seven shares held in Mid-Day Multimedia, the shareholders will get two shares of JPL. Though on the face of it the deal looked expensive and shares of JPL closed at 3.16 low at 115.05 on BSE, most media analysts have given the deal the thumbs up. <br> <a href=http://www.exchange4media.com/e4m/news/fullstory.asp?Section_id=5&News_id=38044&Tag=3652 target= _blank><b><font color=red>Mixed Media extra!</font> Pradyuman Maheshwari on whether the Jagran buy will mean sunnier times for Mid- Day</b></a> <br> <a href=http://www.exchange4media.com/e4m/news/fullstory.asp?Section_id=5&News_id=38045&Tag=3653 target= _blank><b><font color=red>Flashed Yesterday: </font> Jagran Prakashan Ltd to acquire Mid-Day’s print business</b></a>
Jagran Prakashan Ltd (JPL) on May 5, 2010 agreed to buy out the publishing business of Mid-Day Multimedia Ltd (comprising publication brands – viz., Mid-Day published from Mumbai, Pune, Bangalore and Delhi, Sunday Mid-Day, Gujarati Mid-day and The Inquilab, the largest read Urdu newspaper in the country and all publication related Internet properties) in a 7:2 share-swap deal. For every seven shares held in Mid-Day Multimedia, the shareholders will get two shares of JPL. Though on the face of it the deal looked expensive and shares of JPL closed at 3.16 low at 115.05 on BSE, most media analysts have given the deal the thumbs up.
Mihir M. Shah, Research Analyst with Alchemy Share & Stock Brokers Pvt Ltd, said, “Apparently, the deal looked negative because the company is getting into English business, but the fact is that the price that they are paying for the English business is very small. The valuation for acquiring Mid-Day seems to be reasonable and EPS accretive (acquisition which is expected to increase earnings per share).”
Another analyst, who did not want to be named, explained, “On the face of it, the deal might look a little expensive (JPL is trading at 19x FY10E PAT and Mid-Day is valued at 20x FY10 PAT), however, JPL had to pay a controlling stake premium. Moreover, we believe that cost saving in Mid-Day’s printing business (in procurement of newsprint, lower administration and employee costs) will improve its margins going forward.”
Amit Jaiswal, Company Secretary, Jagran Prakashan Ltd, affirmed that they would have cost and marketing synergies of both the businesses going forward. He said, “Apart from the printing facility in Mumbai, we will be able to exploit the distribution network of Mid-Day, which is quite robust. And definitely, they have a huge retail franchise from their local retail classifieds. Those customers will also be good for our City Plus tabloid.” In terms of costs, Jaiswal said that the company would rationalise common offices in places like Delhi, Mumbai and Bangalore and leverage bulk buying of newsprint.
Analysts feel that this acquisition will give Jagran access to more avenues, especially in the metros, where it does not have significant presence. “Mid-Day, with its presence in markets like Mumbai, Delhi, Bangalore and Pune (recently launched), is likely to fill the gap in JPL’s portfolio vis-à-vis its peers HT Media (HT and Hindustan) and DB Corp (Dainik Bhaskar and DNA), which offer both English and Hindi publications to its advertisers. Hence, JPL’s combined offerings are likely to boost its advertising revenues due to bundling effect,” said Anand Shah, Senior Research Analyst - FMCG & Media, Angel Securities. Vikash Mantri, AVP, ICICI Securities, too, believed that with this deal, JPL would be able to enhance its revenues by targeting national customers.
For FY10, Mid-Day Infomedia Ltd (MIL) had reported revenues of Rs 950 million, with an operating margin of 20 per cent, while PAT for the year stood at Rs 100 million. “The current business of MIL does not require any additional funding, however, the erstwhile promoters lacked the financial muscle to scale its proven brands. Now, with transfer of these brands to print media major JPL, having a war chest of Rs 4.75 billion (Rs 2.5 billion cash and Rs 2.25 billion funding to come from Blackstone private equity) will help to substantially scale up the business,” noted Mihir Shah of Alchemy. He further said, “With regards to future expansion plans, we expect JPL to leverage more on MIL’s regional properties Inquilab and Gujarati Mid-Day by entering newer markets. Expansion in English print business in Mumbai should be limited to synergies with i-Next and City Plus.”
Some analysts, however, feel that the deal should have been a cash deal and not a share-swap one. According to Namrata Sharma of Dolat Capital, “A cash deal would have been better for JPL shareholders as share swap amounts to sharing perpetual benefits of growing regional business with matured English print business.” Another analyst, who did not wish to be named, said, “A cash deal would have been better for JPL shareholders, because their holding is diluted to that extent. However, the dilution is only close to 5 per cent, so it is not that big a deal.”
The deal will lead to around 4.9 per cent dilution in the existing equity of JPL and Mid-Day shareholders will comprise 4.7 per cent of the expanded equity of JPL. Promoter shareholding in JPL will come down to 52.7 per cent from 55.3 per cent.
“Dilution for JPL’s existing shareholder is only 4.75 per cent, and for a cash deal we definitely would have to shell out Rs 200 crore. In a market like this, having strong cash flow is very important. JPL is currently sitting on good cash levels. Apart from that, a share-swap ratio reduces complications like making an open offer and doing a takeover, etc. Through this process, things would be able to move faster,” explained Jaiswal of Jagran Prakashan.
Meanwhile, the radio business of Mid-Day Multimedia Ltd, operated through its subsidiary Radio Mid-Day, will continue to remain with the present shareholders of Mid-Day Multimedia Ltd. Shares of Mid-Day Multimedia gained 18.13 per cent to close at Rs 33.55 on the BSE.
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DNA to shut down Mumbai and Ahmedabad print editions
The publication said it will now be 'focussing on its online brand which has grown manifold in the digital space'
Daily News and Analysis (DNA) on Wednesday announced that it will be shutting down its print editions in Mumbai and Ahmedabad. In February this year, the Zee Media Group-owned English daily shut down the Delhi edition. The Pune and Bengaluru editions were shut in 2014.
Announcing the decision in an ad in the newspaper, it was said DNA will be focussing on its online brand which has grown “manifolds in the digital space”.
It said that its “readers especially the younger audience preferred reading on their mobile phones. “We thank each one of you for the print readership over the past 14 years. The print publication for Mumbai and Ahmedabad will be ceased effective 10th October 2019, Thursday till further notice,” read the announcement.

Talking about the development, a former editor of the newspaper shared, “They conducted a town hall meeting to update their existing employees about the news of shutdown.”
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I hope my book helps women maximise their potential: Apurva Purohit
Purohit, President, Jagran Prakashan, launched her new book 'Lady You’re the Boss' at an exclusive gathering attended by Madhukar Kamath, Shashi Sinha and Saugata Gupta, among others
Apurva Purohit, President, Jagran Prakashan, launched her new book 'Lady You’re the Boss' at an exclusive gathering of industry bigwigs and friends at the Arth Lounge in Khar, Mumbai on September 26. The book follows Purohit's very successful first book, 'Lady, You’re not a Man – The Adventures of a Woman at Work', which is in its 21st edition now.
Published by Westland Publications, an Amazon company, 'Lady You're the Boss' draws from Purohit’s personal experiences and lays down a plan of action for women to persevere and reclaim their true potential, without minimizing themselves in any way.
It addresses the process of working women transitioning from mid-management to senior leadership roles and aims to empower women across sectors and organizations, encouraging them to work their way to the corner office, consciously defeating those internal and external biases that stop many a working woman from chasing her dreams.
Actor Divya Dutta, cricket commentator Harsha Bhogle and Purohit herself read out chapters from the book at the event while Karthika VK of Westland Publications spoke of the experience of publishing the book.
Talking about the book, Saugata Gupta, MD and CEO, Marico, who was present at the launch, said, “We are very lucky that there are many women in the Indian corporate world who can break the glass ceiling. This book will be an interesting read. I have a daughter who’s very achievement-oriented too and I always encourage diversity in the workplace."
“I’m really looking forward to reading this book, going by the excerpts Apurva and the rest have read out today. Most importantly, it’s not pretentious, but sounds like something that would inspire everyone," said Abhijit Avasthi, Co-founder, Sideways.
Thanking the audience present at the launch, Purohit said, “I really appreciate that all my friends, colleagues and family are present here. Thanks also to my wonderful team. I’m hoping that this book will help all kinds of women realise their worth. When young girls grow up, they don’t know how to stand up because they sometimes feel incompetent. I’m hoping that 'Lady You’re the Boss' will help women maximise their potential and live up to all the dreams they’ve had.”
Madhukar Kamath, Emeritus, DDB Mudra, Shalini Kamath of SK & Associates, Vivek Sharma and Bharat Puri of Pidilite Industries, Shashi Sinha of IPG Mediabrands India, Ramesh Narayan of IAA, Pawan Bansal of Jagran Engage, Kartik Kalla of Radio City, Joe Thaliath of FCB Interface, Anil Viswanathan of Mondelez Foods India and Sanjay Purohit, Group CEO, Sapphire Foods (who is married to Apurva Purohit) were among those present at the event.
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TOI announces 3rd edition of #NoConditionsApply – Sindoor Khela campaign
Conceptualized to promote gender equality, the campaign calls for inclusion of women in celebrations and combats discrimination they face in terms of caste, marital status and sexual orientation
Two years ago, an initiative by The Times of India reinterpreted a 400-year-old tradition with the award-winning campaign #NoConditionsApply – Sindoor Khela. Conceptualized to promote gender equality, the campaign calls attention to the issue of inclusion of women in celebrations and combats the discrimination that they face in terms of their caste, creed, marital status, sexual orientation etc. The campaign won accolades in India and abroad.
In its 3rd year, #NoConditionsApply – Sindoor Khela initiative aims to reach the corners of the nation and beyond spreading this message of inclusive celebration that celebrates womanhood sans any discrimination based on ‘labels’ and societal barriers.
The campaign that was conceptualized in 2017 and was organized for one pandal in Kolkata. The Times of India along with the puja committee of Tridhara Sammilani, which is also one of the oldest and most prestigious puja pandals in Kolkata, organized the first ever inclusive Sindoor Khela – which invited widows and transgenders to be a part of this grand celebration.
What started with a single pandal celebration, went on to become a national movement with participation from over 100 pandals in 2018. The campaign hopes the movement will achieve the status of a global phenomenon this year. Owing to the widespread popularity of the campaign in its previous two editions, TOI has been getting several requests of extending the campaign to newer cities.
This year, the campaign spreads its wings across the country and beyond, and #NoConditionsApply encourages readers to host an inclusive Sindoor Khela and celebrate along with all sisters irrespective of the labels society may have attached to them.
The campaign urges patrons to bring a sister along to the celebration – sister being used metaphorically for any women they know of in their family, friend and neighbourhood, who have been shunned to be a part of the celebration.
The campaign asks the patron to invite their lesbian sister, transgender sister, widowed sister, divorcee sister, single mother sister to the celebrations this year. Since its inception, the campaign has witnessed phenomenal support worldwide from people who wanted to offer their support and be a part of the movement.
Garnering support from Kolkata’s agents of change - Rituparna Sengupta, Gargee Roychowdhury, Manobi Bandyopadhyay and Sohini Sengupta the campaign extends an invitation to women to #BringaSisterAlong this Pujo. With the phenomenal success of its previous editions, garnering 718 mn reach over the past 2 years, the latest edition aims to extend inclusion not just in Sindoor Khela but across all celebrations as part of the fabric of our tradition.
Commenting on the launch, Sanjeev Bhargava, Director, Brand TOI, said, “The #NoConditionsApply – Sindoor Khela campaign is extremely special to all of us, owing to the change that it has fostered across the various communities in India. While it is contextualized to a Bengali cultural event, the message of inclusive celebration and sisterhood resonates with everyone. We have always left no stone unturned in spreading the message across the various strata of society. Our success lies not in the awards that this campaign has garnered but in the fact that the initiative has grown from strength to strength and is rapidly becoming a symbol of inclusiveness. We are grateful for the overwhelming response we have received from women across the country who have shared their celebrations with us. The fact that it is back for the third time is testament to the widespread movement that the campaign is now. I thank everyone who has supported us in making the change happen.”
Speaking about the campaign, Swati Bhattacharya, Chief Creative Officer, FCB Ulka said, “This piece of work has been a big emotional milestone for me personally. This bloodless coup of a campaign shows the world that joy love friendship and beauty can help break down walls an inclusive Sindoor Khela shows us that sisterhood is one of biggest ideas that can change the world we live in.”
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We’re aggressively driving partnerships across the ecosystem: Archana Anand, ZEE5 Global
Anand, Chief Business Officer, ZEE5 Global, tells us about the platform's partnership with Google and the markets the brand is most upbeat about
From being one of the most downloaded OTT apps in places like Bangladesh and Sri Lanka to curating content especially for the global audience, ZEE5 is upbeat about their global roadmap. Archana Anand, Chief Business Officer at ZEE5 Global talks about the markets the brand is most upbeat about. ZEE5 also brought Google on board to help them achieve maximum reach globally. Google did a thorough market analysis of the audiences interested in the content that was owned and created by ZEE.
ZEE5 seems to have ranked as the No 1 entertainment app in key markets within weeks of its launch. Can you please elaborate on the markets?
Bangladesh and Sri Lanka were among the key SAARC markets where we galloped to the No 1 position, that too within a few weeks of launch. We launched ZEE5 across 190+ markets in Oct 2018 and rolled out our marketing campaign a few weeks later in Jan 2019 across select markets in APAC. Our immediate priority was to establish ourselves firmly as the largest and most comprehensive destination for Indian entertainment, especially in SAARC countries where our content has the highest direct affinity. We used inputs from local market specialists and extensive market insights to create very specifically targeted media campaigns basis for various benchmarks to achieve quick market penetration with rapid awareness and usage. All this and more resulted in ZEE5 becoming the No. 1 entertainment app across key markets in SAARC including Bangladesh and Sri Lanka within just a few weeks of launch, and now we look to replicate this success story across other markets soon too.
You are also one of the first OTT platforms from India to customize Indian content for global audiences? Tell us about the markets you are upbeat about? What is the kind of content you are curating for the global audience?
As we deepened our presence across international markets, we realized that the huge love for Bollywood and Indian TV Shows is not restricted to Indians or even South Asians abroad, but is also huge among mainstream audiences. This was also supported by the insights from our local linear channel teams. Therefore, in April 2019, we launched a range of Indian content including Bollywood movies dubbed across 5 international languages, Bahasa Malay, Thai, Indo Bahasa, German and Russian, expanding our target audience beyond South Asians to mainstream audiences too across these markets, and while its early days, we are seeing a great response.
Any particular reason why Middle East is a strong market and you have done so many associations there?
The Middle East is a very exciting market for us as there is a huge Indian and South Asian community there which is already familiar with and loves our content across languages like Hindi, Malayalam, Tamil, Bengali, and others. We have a strong bouquet of content that’s striking a chord among the South Indian community in the market. There’s also a huge demand for Bollywood movies in the Middle East among local audiences too and our catalogue of 2000+ movies as well as our Originals, many of which have Bollywood stars, caters superbly to that demand. Our recent launches like Uri, Simmba, and Kedarnath among others have done really well as have our Originals like Kaafir, The Final Call, and Poison etc, n fact the Middle East was the first of the three markets that we kicked off our new campaign ‘Full On Entertainment’ in, through various on-ground events. Our recent partnerships with Eurostar and the LuLu Group are only the first of many and we have some very key telco partnerships also in the pipeline.
You have also roped in Google as a consulting partner to build their global strategy and execution plan. Tell us more about the partnership. What exactly would be Google’s role?
Launching globally across 190 countries required an in-depth understanding of the digital audiences across the markets, especially the far-flung ones. Prioritizing our key markets to ensure that we drive clear wins out of them was going to be an important task at hand for us and Google was the obvious choice for us to partner with for our global rollout. As a consulting partner, Google did a thorough market analysis of the audiences interested in the content that was owned and created by ZEE and that threw up some very key insights. Those, along with inputs from local market specialists and our own business teams were used to create media plans and strategies basis the benchmarks.
Every OTT platform now also has telecom partners, while we know you have partnerships with Airtel in India do you have any such tie-ups with international players too since you are aggressively promoting your platform globally?
Absolutely - we’re very aggressively driving partnerships across the ecosystem. Since our launch in October 2018, we have built out a slew of strategic partnerships in every key market like Dialog in Sri Lanka, Celcom in Malaysia, Robi Axiata in Bangladesh and others. We’ve also partnered with Apigate for multiple markets, and with Zeasn and Netrange for their Smart TV range. We’re also building out a strong offline presence in key markets like the Middle East with our partnerships with key retailers like the LuLu Group and Eurostar. We have multiple partnership announcements also coming up over the next several weeks including our first in Australia.
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Vikatan Group revamps print portfolio
As part of its restructuring exercise, the print bouquet has been realigned as core magazines and special interest magazines
As part of its restructuring exercise, the Vikatan group has revamped its print portfolio with a sharper focus towards its content reorientation. The print bouquet has been realigned as core magazines and special interest magazines.
The core magazine bouquet consists of the 93-year-old ‘Ananda Vikatan’, weekly magazine in Tamil, which has a Total Readership (TR) of 33.94 Lakhs (IRS 2019, Q2); ‘Aval Vikatan’, fortnightly women’s Tamil magazine, with readership (TR) of 13.26 Lakh (IRS 2019, Q2); and ‘Junior Vikatan’, bi-weekly, Tamil Socio-political magazine.
The special interest magazine bouquet includes, ‘Nanayam Vikatan’, (TR of 3.46 Lakh / IRS 2019Q2), a personal finance & entrepreneurship magazine; ‘Pasumai Vikatan’, (TR of 8.55 Lakh / IRS 2019Q2), a magazine devoted & focussed to the organic farming and inclusive farm practices; ‘Motor Vikatan’, (TR 3.72 Lakh / IRS 2019Q2), auto magazine in Tamil; ‘Sakthi Vikatan’, (TR of 4.88 Lakh / IRS 2019, Q2), the spiritual magazine about the religious culture and heritage of the land, and ‘Aval kitchen’, the brand extension of ‘Aval Vikatan’ Magazine focusing on food, recipe and kitchen.
In the process, two of its print titles, ‘Vikatan Thadam’ & ‘Doctor’ Vikatan has been shelved from September 2019, while ‘Aval Manamagal’, the quarterly bridal magazine has been converted as an advertiser driven publication in the B2B route and ‘Chutti Vikatan’, the children’s magazine will take a completely new format to directly engage with schools and children.
Their content on literature, health & wellness, bridal fashion & shopping, and children-focussed content will be seamlessly integrated in print & digital platforms.
“After immense deliberations on content and market acceptability, we have restructured our print portfolio and two titles have been shelved and amongst two others, ‘Aval Manamagal’ has been migrated to AFP model, while ‘Chutti Vikatan’ has been contextualized to the children & school ecosystem” said, B Srinivasan, Managing Director, Vikatan Group, “The content will be seamlessly integrated with the rest of the magazines. Vikatan management remains fully committed to all other group magazines.”

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Print sees 8% rise in ad volume in Q2 2019 compared to Q1 2019: TAM Adex
There has been a 15% rise in ad volume from the Education sector in Q2 2019
While there has been an 8% indexed growth from Q1 to Q 2 2019 in the Print medium, it’s the Education sector that has increased its share dramatically as per TAM Adex data. From 11% in the first quarter, the sector has managed to increase its share of ad volumes to 26% in the second quarter. However, Auto declined to 13% from 17% while Services went down from 18% to 14%.
If we compare the first half of 2018 to the first half of 2019, Education has managed to take the top spot in both the years. Although the shares went down by 1% from 2018 to 2019, it is still the top sector. Auto gained 1% more share bringing it to 16% from 15% in 2018. Ad volumes have dropped considerably from H1 2018 to H1 2019 by 6%. All other sectors have gone down by 1%.
Allen Career Institute and Aakash Medical College Maruti Car range, Hero Two-wheelers, Indira Infertility & Test Tube Baby Centre and Homecare International are the major brands in the first half of this year. However, the overall indexed growth of ad volumes has fallen by 7% in the first half of 2019 compared to H1 2018.
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Delhi High Court restrains publication of defamatory content against EbixCash by Viceroy
The Court issued a dynamic injunction restraining publication or republication of certain defamatory articles against EbixCash by US-based Viceroy Research Group
The Delhi High Court has issued a dynamic injunction order restraining publication or republication of the contents of certain defamatory articles against EbixCash and Ebix (Nasdaq:Ebix), by US- based Viceroy Research Group, Fraser Perring and other principals of Viceroy.
The court also directed the Times Group's ET Prime, to take down an article published July 31, 2019, since the article was largely based on statements made by Viceroy. The order also directed all the defendants including Viceroy, Fraser and all its principals not to publish any such content themselves or through their affiliates or agents or any other person acting on their behalf.
The issuance of a dynamic injunction by the Delhi High court is to be specially noted as a it implies that the next time any media or publication quotes Viceroy or Fraser or any of the contents of the banned piece by Delhi High court - “Goodwill hunting”; EbixCash will not need to approach the judge but just to reach out to the Registrar of court for taking down any such new article.
Delhi High Court had earlier issued an order on 8th May 2019, directing Twitter and Google to take down certain articles published by Viceroy Research Group.
In May 2019, EbixCash had approached the High Court with a plea that Viceroy Research Group had published certain articles on its website which contained defamatory information about the former. EbixCash had alleged that Viceroy Research, which holds “short selling” positions in the company and its sister concerns, was using these defamatory articles to drive down the price of the company, and thereby making profit from it.
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